News Release: KLNB Secures $9,200,000 Sale of Medical Office Building

INOVA Primary Care Center trades to Elliott Bay Capital Trust in Northern Virginia

KLNB, the Mid-Atlantic region’s largest privately-held CRE brokerage, has successfully negotiated the $9,200,000 sale of a 21,540-square-foot Class A Medical Office Building (MOB) located at 24801 Pinebrook Road in Chantilly, Virginia. Joe Friedman and Josh Norwitz of the KLNB Capital Markets team represented the seller. Friedman also represented the seller in 2008 when they acquired the property and has maintained the relationship ever since.   

Seattle-based investment group Elliott Bay Capital Trust purchased the building, which is fully leased by INOVA, the leading healthcare system in Northern Virginia. As the population ages and healthcare technology advances, the demand for medical outpatient facilities is rapidly increasing- especially in the DC region.  

KLNB’s Capital Markets industrial and office team, which consists of Joe Friedman, Chris Kubler, Don Schline and Josh Norwitz, has a specialty niche in the sale of medical office properties across the Mid-Atlantic, which is one of the nation’s most lucrative and active markets for the growing sector.  

“As evidenced by this transaction, investors from around the nation are very interested in MOB assets in the DMV because of the highly favorable rate of population growth combined with a highly insured and educated workforce,” says KLNB’s Friedman. “With more people seeking convenient and accessible care, these facilities are becoming essential to meeting the evolving needs of patients and healthcare providers alike, and the sector will only continue to expand.”  

In 2024, the DMV led the nation in rolling-four-quarter sales volume of MOBs, reaching $381 million in Q2 2024—a 73% increase year-over-year. Across the country in 2024, the overall vacancy rate for MOBs declined, while average asking rents increased, even with a strong pipeline of new deliveries.