News Release: Avison Young selected to broker sale of top medical office building in DC area

Merrifield-Fairfax Medical Campus, located near Inova Fairfax Hospital, features 119,788 sf of trophy space

The 119,788-square-foot asset is located near the campus of Inova Fairfax Hospital, the flagship hospital of Inova Health System, in Northern Virginia. (Photo courtesy of Abvison Young)

WASHINGTON, DC  – Avison Young has been retained as the exclusive advisor in the sale of the Merrifield-Fairfax Medical Campus, a high-quality medical office building in the Washington metropolitan area.

The 119,788-square-foot, trophy-class asset is located near the campus of Inova Fairfax Hospital, the flagship hospital of Inova Health System, in Northern Virginia.

The Avison Young team coordinating the property’s sale includes Principals Jim Kornick and Chip Ryan, who are based in Washington, as well as Principals Mike Wilson and Erik Foster, who are based in Chicago, and Mark Johnson, an Executive Vice-President in the firm’s Chicago office. All are members of Avison Young’s national capital markets group who specialize in healthcare investments.

“We are honored to have been chosen to market the most outstanding medical office building in the DC metro area,” said Kornick. “The Merrifield-Fairfax Medical Campus is truly in a class by itself.”

Built in 2009, the campus at 3023 Hamaker Court in Fairfax, VA is 84.5 percent leased. The largest tenants – leasing two-thirds of the building’s space – are Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova.

The offering also includes an adjacent site, where a twin 120,000-sf second phase has been designed and approved.

“This asset offers significant upside – not only from leasing the vacant space but also from future development at the adjacent site,” said Kornick.

The property is located at the epicenter of Northern Virginia, just off of Arlington Boulevard (US 50) near its interchange with the Capital Beltway (I-495).  The site is also within walking distance of the new mixed-use, upscale Mosaic District and 1.7 miles from the Dunn Loring Metro station.

The campus serves one of the most affluent, well-insured healthcare markets in the U.S. Some 1 million people – with an average family income of $105,753 – live within a 20-minute drive of the property.

The Inova Fairfax Hospital anchors the submarket. The facility offers 876 beds and includes a surgery center, women’s hospital, children’s hospital, and heart and vascular Institute.

In 2015, Inova acquired the adjacent 117-acre, 1.3-million-square-foot former Fairfax campus of ExxonMobil. Construction on the new Inova Center for Personalized Health began in 2016. With $1 billion committed to the undertaking, Inova is seeking to become a world leader in developing and applying genomic personalized health.

Together, Inova Fairfax Hospital and the Inova Center for Personalized Health are expected to generate increased demand for medical offices in the area.

“This is a unique opportunity to acquire the best medical office building in the most desirable submarket of the Washington, DC area,” Kornick said. “We expect considerable interest from around the nation and around the globe.”

About Avison Young

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada.  Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

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