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Medical Office Trades Off Market

ALEXANDRIA, VA-The 60,432-square-foot office building is selling for $10 million, or $179 per square foot.

By Erika Morphy | Updated on June 23, 2009

ALEXANDRIA, VA-A medical office building here has traded for $10 million, or $179 per square foot. Located at 5249 Duke St., the sale was an off market transaction brokered by Northmarq’s Jim Kornick, Jerry Burg and Matt Clinebell. The seller was not included in the deal information, but public records show the building was managed by Redwood Commercial. The buyers are doctors who invest in local medical buildings. They have a practice nearby and plan to relocate to the Landmark Professional Building, which this property is called, Kornick tells GlobeSt.com. The building traded at a 8.3% cap rate. There is ground floor retail in the 60,432 square foot building.

There have been few medical office trades in the area; even fewer developments. In the latter category, Seavest, an investment management firm focused on healthcare real estate assets based in White Plains, NY, recently delivered its third medical office building in the area–a $24-million building that is 80% leased in the Inova Fair Oaks Hospital campus in Fairfax. Also in Fairfax, Gyrodyne Co. of America, a Long Island-based real estate investment trust, closed on Fairfax Medical Center for $12.89 million, or $221.84 per square foot earlier this year. It is the company’s first in the DC area.

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