The complex, called Virginia Square Plaza, is a two-building medical office and general office complex in the Rosslyn-Ballston Corridor.There were 61 prospective purchasers who toured the assets and the sales team received 29 written offers, according to NorthMarq.
The price illustrates pent up demand for medical office product as well as the high level of confidence that investors have in the RB Corridor, Clinebell says in a prepared statement. NorthMarq did not return a call to GlobeSt.com in time for publication.
The 40,769-square-foot medical office building, 3801 North Fairfax Dr., is 96% leased. The second building--a 29,246 square foot property at 3803 N. Fairfax Dr.--is 100% leased to an office tenant, although it was originally developed as a medical office building. The buildings were built in 1967 and 1955, respectively,and both have been renovated twice, most recently in 2007. Inaddition, there are development rights for an additional 43,000 square feet at the complex.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
