For Sale: A Value-Add Medical Office Investment Opportunity

Parkway Medical Center - Hampton, VA

Parkway Medical Center – Hampton, VA

The Offering

CBRE’s U.S. Healthcare Capital Markets Group is pleased to exclusively offer the Parkway Medical Center (the “Property”) for purchase. Parkway Medical Center is located on Butler Farm Road just east of Interstate 64 in Hampton, Virginia. Completed in 2002, the building consists of 35,200 square feet within Hampton Roads Center and is proximate to three major medical institutions – Sentara CarePlex Hospital, Riverside Behavioral Health Center and Hampton University Proton Therapy Institute.

The Property is 80% leased to a synergistic mix of tenants including 66% by owned subsidiaries or JV partners of DaVita HealthCare Partners Inc. (NYSE: DVA), a Fortune 500 company that, through its operating divisions, provides a variety of health care services to patient populations throughout the United States and abroad. The remaining space is leased by Cardno GS, Inc. which provides consulting services in the areas of engineering, environmental management, architecture, planning, and infrastructure management. The company was founded in 1990 and serves governments and Fortune 500 companies in the United States and internationally.

Offering Information

Offering Price: Best Offer
Building Size: 35,200 SF
Year Built: 2002
Occupancy: 80%
In-Place NOI: $546,515

Investment Highlights

Investment Grade, Fortune 500 Tenancy
Stable Cash Flow with Existing Tenancy
Value Add Opportunity Through Lease Up
Proximate to Major Medical Institutions
Hampton Roads Center – A Premier Master-Planned Business Park
Easily Accessible Location
Well-Retailed Area
Limited Rollover Risk With Opportunity For Lease-Up
Appealing Medical Market Demographics
Delivered Free and Clear of Existing Debt

Contact Information

CBRE U.S. Healthcare Capital Markets Group

Lee Asher
Executive Vice President
+1 404 504 5965
lee.asher@cbre.com

Chris Bodnar
Executive Vice President
+1 303 628 1711
chris.bodnar@cbre.com

J. Scott Adams, CCIM
Regional President
+1 757 228 1836
scott.adams@cbre-norfolk.com

 

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