Joint venture buys Commonwealth Medical Building for $4.6 million

 Washington, D.C.-based Georgetown Partners teamed up with New York’s Red Starr Investments in a joint venture to acquire the Commonwealth Medical Building in Henrico County for $4.6 million.

The partners have hired JLL to lease the 42,906-square-foot building at 7301 Forest Avenue.

“We have been looking for opportunities to invest in the Richmond market for years,” Mario Levine, managing director, Georgetown Partners, said in a statement. “We’ve seen the vibrant growth in Richmond and immediately saw the Commonwealth Medical Building as a true asset within the Class A medical landscape. Its proximity to major healthcare facilities as well as its location within the West End market made this a logical entry point for us here…”

JLL’s Gareth Jones and Adam Lawson will lead the leasing efforts. There is currently 26,372-square feet available in the building. “Demand for medical space remains strong in the submarket.  Coupled with major common area improvements to the building and proactive ownership, we believe the Commonwealth Medical Building will have a successful lease-up,” Jones, vice president, JLL, said in a statement.

While Commonwealth Medical represents Georgetown Partners and Red Starr’s first investment in the Richmond metro market, Red Starr Investments has invested in two other projects in the state, at James Madison University and a 400-unit multifamily project in Newport News. “We continue to see Richmond and the state of Virginia as a robust and growing region,” Jared Starr, founder and managing principal, Red Starr Investment, said in a statement.