Global Medical REIT Buys DC-Area MOB
The property is less than a mile from Virginia’s largest health-care facility.
Prosperity Plaza. Image courtesy of Avison Young
Global Medical REIT has acquired the 96,070-square-foot Prosperity Plaza, a medical office building in Fairfax, Va., for $21 million. Developer The Tomares Cos. sold the Class B asset with the assistance of Avison Young’s U.S. Healthcare Capital Markets Group.
Completed in 1986 on 3 acres, the seven-story building is currently 84 percent leased to medical as well as traditional office tenants such as Medstar, Inova and the Neurology Center of Fairfax or Gates, Hudson and Associates. The property also includes first-floor retail and more than 320 parking spaces.
Located at 3020 Hamaker Court, Prosperity Plaza is less than 1 mile from Inova Fairfax Hospital, Virginia’s largest health-care facility, with several other health-care providers nearby. The property is also within 2 miles of interstates 495 and 66, close to a good number of dining, retail and entertainment venues. Downtown Washington, D.C., is some 13 miles northeast.
According to CommercialEdge data, Global Medical REIT currently owns more than 50 properties across the U.S., totaling more than 1.8 million square feet. The medical office subsector continues to draw the interest of an increasingly large number of institutional investors and REITs, despite other types of office space being negatively impacted by the pandemic.
Principals Jim Kornick, Mike Wilson and Jon Goldstein, together with Associate Joe French, led the Avison Young team representing the seller.
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