The building, called Advanced Orthopaedic, is located at 7858 Shrader Rd. on five acres in Richmond's Northwest submarket. It has a newly built single-story, 12,000-sf surgery center that is attached to a two-story, 48,500-sf medical office building and a two-story atrium.
A sale-leaseback transaction, the building is master-leased and occupied by Advanced Orthopaedic Centers, a full-service orthopedic practice serving the Central Virginia region. Dan Prosky, managing director of Health Care Properties for Triple Net, tells GlobeSt.com that the tenant has signed a 15-year bond net lease.
Joseph Marchetti of CB Richard Ellis represented CAE Real Estate, LLC. Financing was provided by PNC Bank, National Association, and was arranged by Joseph Byers of Commercial Realty Capital, according to Triple Net Properties.
This is Triple Net's first medical building acquisition in the Richmond market, Prosky says. In general the firm likes the mid-Atlantic region's market fundamentals now, and is actively investing in several multifamily units. The firm also focuses on the medical sector and plans to continue to buy these assets, he says. Currently, it has another medical office building acquisition pending on the East Coast.
This particular property was priced to meet the firm's investment criteria. Prosky says the company had looked at similar medical properties on the market, including a two-building portfolio marketed by a local developer. "We didn't like the prices though. The cap rates were in the mid 6s and we felt that was just a little too rich."
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