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Tag: medical building

Chesterfield medical office building sells for $12M

A medical office building in Chesterfield County sold for $12.25 million, Cushman & Wakefield | Thalhimer announced March 23.

Located at 7300 Ashlake Parkway, the 27,606-square-foot property is 100% leased to four tenants: Vital Care Family Practice, LabCorp, James River Cardiology and Absolute Dermatology & Skin Cancer Center.

Nashville, Tennessee-based Montecito Medical Real Estate bought the property from an entity managed by Henrico County-based Stanley Shield Partnership. Catharine Spangler and Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group and Birck Turnbull in Thalhimer’s Richmond office represented the seller.

Montecito Medical owns several medical office buildings in Virginia and recently purchased a Virginia Beach one for $21 million.

McLean medical office building refinanced with $20M loan

Toronto-based commercial real estate firm Avison Young announced Wednesday that its debt and equity finance team had arranged a $20 million loan to refinance a medical office building in McLean.

Built in 1985, the three-story, 47,000-square-foot medical office building is located at 1420 Beverly Road. A partnership between Stewart Investment Partners and Chestnut Funds owns the building and finished renovating it from a general office building in 2021.

Jon Goldstein, an Avison Young principal, led the team representing the owner, along with principals Mike Yavinsky and Wes Boatwright, to secure the five-year fixed-rate loan.

“Ownership flawlessly executed their business plan by substantially upgrading the property and getting it stabilized in a short period of time. This refinancing opportunity was extremely attractive to lenders due to the high quality of the property, credit-worthy tenancy and the excellent location,” Goldstein said in a statement.

Virginia Beach medical building sells for $21M

A medical office building in Virginia Beach sold for $21 million, Nashville, Tennessee-based buyer Montecito Medical Real Estate announced Thursday.

Located at 1717 Will O’ Wisp Drive, the two-story Beach Medical Pavilion has 52,000 square feet. Its tenants are Gastroenterology Ltd. of Virginia Beach and OrthoVirginia. The property is across the street from Sentara Virginia Beach General Hospital.

“We are very pleased to acquire this prime property in an attractive and growing health care market,” Rus Gudnyy, senior vice president of investments for Montecito Medical, said in a statement. “We are also excited about the opportunity to enter into a long-term relationship with a dominant provider like Gastroenterology Ltd. and to build on our long-standing relationship with OrthoVirginia.”

Chris Devine and Chris Zarpas with S.L. Nusbaum Realty Co. brokered the sale. The developer was Virginia Beach-based Robinson Development, and the seller 1717 WOW LLC.

Gastroenterology Ltd. has nearly 20 physicians and three locations. The Beach Medical Pavilion one is its flagship location and includes an endoscopy center.

OrthoVirginia has 131 physicians and more than 400 practice members across 44 locations.

Woodbridge medical building sells for $5.2M

The Virginia Gastro Health Woodbridge building has sold for $5.2 million, according to Cushman & Wakefield.

The 17,988-square-foot medical office building at 14010 Smoketown Road in Woodbridge is 92% leased to five tenants and anchored by Gastro Health. The building was renovated in 2010. It is located near Sentara Northern Virginia Medical Center and the soon-to-be-built Kaiser Permanente Multi-Speciality Medical Center.

The property was sold by Hudson Dynamics to Morgan Investments.

Cushman & Wakefield managing directors Gino Lollio and Travis Ives, who lead the firm’s national health care capital markets group, as well as managing director Matthew Sullivan and director Lindsey Groom, with the firm’s Washington, D.C.-based healthcare advisory team, represented seller Hudson Dynamics, a partnership of physicians associated with the anchoring practice, in the transaction.