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For Sale: Offers Requested – Hospital Adjacent Class A Medical Office Investment Opportunity

The Offering

  • Offering Price: Best Offer
  • Address: 590 Peter Jefferson Parkway, Charlottesville, VA
  • Property Size: 73,997 SF
  • Year Built: 2001
  • Occupancy: 94.8%
  • In-Place NOI: $1,335,650

Offers Requested by Tuesday, May 10th, 2016 – 5:00 PM EDT

CBRE | Charlottesville and CBRE’s U.S. Healthcare Capital Markets Group have been retained as the exclusive representatives for the sale of Peter Jefferson Place Medical Center, a Class A medical office building in Charlottesville, Virginia. The 3-story building is located adjacent to both Interstate 64 and Route 250, two of the area’s most prominent roadways, which offers premier accessibility and visibility. Built in 2001, the 73,997-square foot building is 94.8% leased with Martha Jefferson Hospital, University of Virginia Physicians Group (UVA Health System), and Department of Veterans Affairs as current tenants. Martha Jefferson Hospital, the owner of the adjacent medical hospital campus, leases approximately 2/3 of the building to provide a variety of healthcare services, including Internal Medicine, Orthopaedics, Health & Wellness Cardiopulmonary Rehabilitation, Financial Services, and Medical Enterprises (billing). The UVA Health System use in the subject building is UVA Hope Cancer Care, a use for which the University invested over $1.3 million above the Owner’s tenant improvement allowance for their premises.

Peter Jefferson Place Medical Center is institutionally-managed and boasts four lakes, paved jogging paths, mature dramatic landscaping, and stunning mountain views. Amenities in the immediate area include the Hilton Garden Inn, a retail center, and numerous restaurants. The park is also adjacent to a State Farm operations center and is home to various medical buildings including the Sentara/Martha Jefferson Hospital, a $275 million, 176-bed acute care facility voted “the most beautiful hospital in the country” by Soliant Health following completion in 2011. In addition to the subject building, Peter Jefferson Place includes 4 other adjacent multi-tenant office buildings which total an additional 285,008 square feet of rentable area which are available for sale separately as well from the same ownership group. The adjacent buildings are each Class A and have additional prominent tenants including State Farm, SRA, Hospice of the Piedmont, Merrill Lynch, the U.S. Government, TIAA, Banker’s Insurance, INC Research, and a number of medical practices and specialists.

Executive Summary

Confidentiality Agreement

Investment Highlights

  • 79.3% Leased to Investment Grade Tenancy
  • Adjacent to Sentara Martha Jefferson Hospital Campus
  • Charlottesville Has a Diverse Economy With Key High-Growth Industries
  • Located Near Interstate 64 and Accessible to the Entire Region
  • Peter Jefferson Place is the Preeminent Office Park in Charlottesville
  • Delivered Free and Clear of Any Debt

Contact Information

CBRE Mid-South Region Brokerage

J. Scott Adams, CCIM
President, Mid-South Region
+1 757 228 1836

CBRE U.S. Healthcare Capital Markets Group

Lee Asher
Executive Vice President
+1 404 504 5965

Chris Bodnar
Executive Vice President
+1 303 628 1711

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