Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FAIRFAX, VA-Gyrodyne Co. of America, a Long Island-based real estate investment trust, has closed on Fairfax Medical Center here for $12.89 million, or $221.84 per square foot. It is the third medical office property purchase for Gyrodyne since its conversion to a REIT–and the first in the DC area. Virginia Commerce Bank provided $8 million in mortgage financing.

Fairfax Medical Center is located at 10721 Main St. on 3.5 acres across the street from a surgical center owned by Hospital Corporation of America. The 58,000-square-foot property is approximately 84% leased to 28 tenants.

Gyrodyne announced in February that it was acquiring the property. One of the drivers for the deal was its qualification for tax deferral treatment, allowing the company to satisfy within required time limits the $26-million advance payment for property seized by the State of New York under the power of eminent domain. In additions, the $12.89-million purchase price is a $269,000 reduction in the previously announced purchase price.

The company also invested in the asset because it likes the DC area–particularly for this cycle. Gyrodyne has “identified the Metro DC real estate market as one positioned to perform extremely well in the next cycle,” according to Peter Pitsiokos, Gyrodyne’s COO.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.