Seavest is also looking at three medical office projects in southern Virginia, he adds--again, potential deals that are in the early stages. However these five transactions eventually play out, some sort of expanded footprint is likely by the firm in the DC area. "We have had three great experiences developing buildings here--not only did they come in on time and budget, but the fundamentals for medical office buildings are very good."
Its most recent delivery is the Inova Fair Oaks III medical office building on the Inova Fair Oaks Hospital campus in Fairfax. Seavest partnered with the hospital to build the four-story, 107,000-square-foot facility, in a joint venture with physicians. The facility also houses a large outpatient surgery center and is attached to the hospital via a covered walkway. Seavest partnered with Chicago-based Lillibridge on the construction of the building, located at 3620 Joseph Siewick Drive.
Seavest has teamed up with Inova for all three medical office buildings that it has developed here--but there is nothing specific in the pipeline for future development with the hospital right now, Ray says. The company's third fund, now with $75 million in commitments, will be used to invest in health care-related real estate anywhere in the country.
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