Search
 

Medical Office Campus Brings in $78M

MERRIFIELD, VA-The 255,000-sf three-structure medical office property leaves the portfolio of its developer, Atlantic Realty Cos., for that of Washington Real Estate Investment Trust in a $78 million deal.

By Barbra Murray | Updated on October 13, 2003

MERRIFIELD, VA-Prosperity Medical Center, a still young medical office property totaling 255,000 sf, has joined the portfolio of Washington Real Estate Investment Trust through the REIT’s $78 million purchase from Atlantic Realty Cos. The transaction involved $28.3 million in cash, as well as the assumption $49.7 million in existing mortgage debt.

Situated off Route 50 about a mile from the Capital Beltway and an equal distance away from the 750-bed INOVA Fairfax Hospital, the Prosperity property is comprised of three multi-story structures–known as Prosperity Medical Center I, II and III–a separate parking garage facility and surface parking. There is also an on-site bank, deli and pharmacy at the Arlington Road locale. Tenants at the property, which is currently 98% occupied, include Children’s National Medical Center, INOVA Health Care Services, the Jones Institute for Reproductive Medicine, and USOncology.

Development of the 92,000-sf four-story Prosperity I for $20 million in 2000 marked the first new medical office building to be constructed in Northern Virginia in 10 years. Prosperity II and III, completed in 2001 and 2002, respectively, consist of 80,000 sf of space, each.

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?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

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 © 2025 ALM Global, LLC. All Rights Reserved.