LANSDOWNE, VA-A three-story office building here, located at 44084 Riverside Pkwy., has traded to FPR Medical Properties, a Rockville, MD-based company. The firm is acquiring it as a value add play, Marc Rampulla, vice president with CB Richard Ellis’ Private Capital Group, tells GlobeSt.com. Specifically, it intends to convert some of the empty office space in the building, known as Two Riverbend, into medical office space to service local demand. “The proximity of the building to INOVA Loudoun Hospital and Howard Hughes Medical Institute makes it perfect for this kind of investment,” Rampulla says.

FPR Medical Properties acquired Two Riverbend from Boston-based Great Point Investors for $8.2 million. CBRE’s Bill Kaye and Rampulla represented Great Point Investors in the deal.

The 21-year-old building is also home to several traditional office tenants, including Boeing, 6K Systems and Lansdowne Private Wealth Management. For these companies the building offers easy access to Route 7, Route 28 and Route 15. That appeal is relevant to medical office tenants as well, however the proximity to the local medical facilities is what is really key. Medical office space in general is difficult to acquire in the DC area because so few properties are coming to market. That is starting to change, but only slightly: in recent months two transactions have closed and more are expected to in future weeks. The Anne Arundel Medical Center-Bowie Gateway in Bowie, MD traded for $10.4 million and at a seven-and-quarter cap rate. Also two institutional investors have acquired a 64,261-square foot medical office building on campus at Doctors Community Hospital in Lanham, MD for $23 million and a six-and-a-quarter cap rate.