Loudoun Professional Office Development LP, a group of doctors, bought the building. Rich Vaaler and Adam Barbour of Sperry Van Ness/Vaaler Real Estate in Leesburg, represented the seller. Inova represented itself.
When it was placed on the market, the property received about nine offers from both domestic and international companies, Barbour tells GlobeSt.com. "Medical office buildings don't come on the market very often and they are generally not widely broadcasted for sale." Another reason why the buyer liked the property was connection to the hospital. "Tenants like being able to walk to the hospital through a corridor, which means it is easy to stay leased."
The building is 90% occupied by several medical practices, Inova and the sellers, who had originally formed to buy the building. The 111,998-sf, two-story property was building in 1996.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
