Seavest Healthcare Properties recently acquired Fair Oaks Professional Building on the campus of Inova Fair Oaks Hospital in Fairfax, Va. (Photo courtesy of Seavest)
The four-story, 79,038 square foot MOB is immediately adjacent to another Seavest-owned facility on the campus of the 182-bed Inova Fair Oaks Hospital
FAIRFAX, Va., and WHITE PLAINS, N.Y., Sept. 28, 2016 – Real estate investment firm Seavest Healthcare Properties LLC has acquired the Fair Oaks Medical Office Building I in Fairfax, a suburb of Washington, D.C. The Class A medical office building (MOB) is located at 3650 Joseph Siewick Dr. on the campus of the 182-bed Inova Fair Oaks Hospital. The transaction closed June 21.
The four-story, 79,038 square foot MOB houses physician offices, including a full- floor family practice center. It is directly adjacent to and attached by a covered walkway with both the hospital and the 79,300 square foot Fair Oaks Medical Office Building II, another Seavest-owned MOB.
“Seavest will refurbish and reposition this strategic MOB. We plan to make major renovations to the common areas, provide superior office space for new tenants and create cost efficiency in managing the property,” says Seavest Vice President, Malika Basheer. “The facility’s proximity to the hospital, the primary care-focused services it houses, and our plan to renovate the property will benefit the hospital and affiliated physician-tenants in this growing, dynamic community.”
“The acquisition of the Fair Oaks Professional Building builds upon our long and productive working relationship with Inova Healthcare,” says John Winer, Seavest Senior Managing Director and Chief Investment Officer. “It is a great fit with our business model, which is to invest in medical office buildings, outpatient projects and specialized treatment facilities that are strategic to successful health systems.”
The hospital and MOB are located in Northern Virginia’s demographically strong and rapidly growing U.S. Interstate 66 corridor near Dulles Airport. Long-term plans for the campus include significant expansion to both the hospital and MOBs. With this recent acquisition, Seavest owns more than 40 percent of the medical office space on the campus.
Seavest will implement its capital improvement plans immediately, to upgrade the common areas, electrical and life safety systems, as well as increasing the building’s operational efficiency to reduce tenant costs.
“Seavest’s acquisition of another MOB on the Inova Fair Oaks Hospital campus is a welcome addition,” says John Fitzgerald, CEO of Inova Fair Oaks Hospital. “The firm has proven to be a reliable owner and manager of properties on the Fair Oaks Campus and our longstanding relationship is of great value to Inova. We look forward to an expanded working relationship with Seavest that will help to ensure a better experience for patients and other visitors to our campus.”
Desirable medical office space is available at both Fair Oaks Medical Office Building I and Fair Oaks Medical Building II. For leasing information on the buildings, please contact Charles Feitel of Health-Pro Realty Group at 301-365-6940 or cfeitel@medicalanddentalspace.com.
About Inova
Inova is a not-for-profit healthcare system based in Northern Virginia that serves more than 2 million people each year from throughout the Washington, DC, metro area and beyond. Inova is a comprehensive network of hospitals, outpatient services and facilities, primary and specialty care practices, and health and wellness initiatives.
Inova encompasses the full array of health services, including the area’s only Level 1 Trauma Center and Level IV neonatal intensive care unit (NICU). We are home to many nationally and internationally recognized programs, including Inova Heart and Vascular Institute (IHVI), Inova Translational Medicine Institute (ITMI), and the Inova Dwight and Martha Schar Cancer Institute.
Inova is a global leader in developing and applying personalized health. Connecting researchers, clinicians and empowered consumers, we integrate genomic research for patient care, prevention and wellness. Our personalized health approach enables individuals to live longer, healthier lives.
More information and statistics about Inova is at www.inova.org.
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a sector-focused, real estate investment management firm that forms joint ventures with established developers to build new properties and acquires existing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are held in long-term healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
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