Neighborhood Medical Office Building Sells for $10.45 Million
WASHINGTON, April 28, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Metropolitan Medical Center, a 43,683-square-foot neighborhood medical office building in Northwest Washington, D.C. The $10.45 million sales price equates to $239 per square foot.
Robert Filley, a senior director of Marcus & Millichap’s National Office and Industrial Properties Group, and Marcus Fleckenstein, associate, both in the firm’s Washington, D.C. office, represented the seller, VIP Medical Arts LLC.
“The property is an established medical office building with an attached post office in a densely populated urban area,” says Filley. “The previous owner made significant capital improvements and had the property on the market with other representation but hadn’t received the desired pricing until now.”
“As soon as Marcus & Millichap received the exclusive right to market the property for sale, we made full use of the firm’s nationwide platform and brought in eight offers,” adds Fleckenstein. “The range of interest included out-of-area buyers and investors from other property types who were impressed by the asset’s prominent location in an area with high demand for primary care health services.”
The property is set on a 0.78-acre corner lot at 6323 Georgia Avenue NW at the intersection of four Northwest Washington, D.C. neighborhoods: Manor Park, Brightwood, 16th Street Heights, and Petworth. Multiple bus lines serve a major bus stop at the building’s front door.
The majority of the multi-level building is leased to medical office tenants and the remaining area, which is served by an independent entryway, is on a long-term lease with the U.S. Postal Service.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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