Medical Office Campus Brings in $78M

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.