Avison Young announced today that it has arranged the sale of the Merrifield-Fairfax Medical Campus, a trophy-class medical office building in Fairfax, Va.
Harrison Street Real Estate purchased the 119,788-square-foot building at 3023 Hamaker Court. Considered the premier medical office building in the area, the property is ideally located near the campus of Inova Fairfax Hospital, the flagship hospital of Inova Health System.
The Avison Young team included Principals Jim Kornick and Chip Ryan, both in the firm’s Washington office, and three members of the firm’s Chicago office: Principals Mike Wilson and Erik Foster, and Executive Vice President Mark Johnson. All are members of an Avison Young capital markets group that specializes in healthcare investments.
“The Merrifield-Fairfax Medical Campus is in a class by itself, and we were honored to be selected to market this premier property,” Kornick said. “We were very pleased to generate significant interest from investors worldwide – including those who normally do not invest in medical office buildings.”
Built in 2009, the campus 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 included an adjacent site, where a twin 120,000-square-foot second phase has been designed and approved.
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 was a tremendous opportunity to acquire the finest medical office building in one of the most coveted submarkets in the DC metro area,” Kornick said. “Harrison Street Real Estate has good reason to be proud of its new acquisition.”
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 2,600 real estate professionals in 82 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.
CONTACT: Mark Pankowski
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