Merrifield-Fairfax medical office building is for sale

Avison Young announced Monday that it has been retained as the exclusive advisor in the sale of the Merrifield-Fairfax medical office building in Fairfax.

The 119,788-square-foot asset is located near the campus of Inova Fairfax Hospital, the flagship hospital of Inova Health System.

Built in 2009, the campus at 3023 Hamaker Court is 84.5 percent leased. The largest tenants – leasing two-thirds of the building’s space – are Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova.

The offering also includes an adjacent site, where a 120,000-square-foot, second phase development has been designed and approved.

“This asset offers significant upside – not only from leasing the vacant space but also from future development at the adjacent site,” Jim Kornick, a principal with Washington, D.C.-based Avison, said in a statement.

Where there is no list price for the property, Kornick said he expects the property to sell somewhere in the $60 million plus price range.

The Avison Young team coordinating the sale includes principals Kornick and Chip Ryan, who are based in Washington, along with other Avison team members in Chicago who are members of the company’s National Capital Markets group, which specializes in health care investments.

The property is located just off of Arlington Boulevard (U.S. 50) near its interchange with the Capital Beltway (I-495).  The site is also within walking distance to the new mixed-use, upscale Mosaic District and 1.7 miles from the Dunn Loring Metro station.