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Charlottesville, VA – Global real estate advisor Avison Young arranged the sale of UVA Health Medical Park Riverside, a four-building medical outpatient campus totaling 111,315-square-feet (sf) located at 2315, 2325, 2331, 2335 Seminole Lane in Charlottesville, Virginia. The campus, which is fully leased and anchored by UVA Health, was purchased by an undisclosed buyer.
Avison Young Principals Jim Kornick, Joe French, Mike Wilson and Associate Kyle Borda represented the seller, Cascade Realty Partners and BGO.
Positioned along Seminole Trail (US-29), the primary commercial corridor serving Charlottesville and Albemarle County, with traffic counts exceeding 40,000 vehicles per day, the property benefits from exceptional visibility and direct access within an established and growing healthcare and commercial corridor. UVA Health occupies 71% of the campus, much of it under a 20-year NNN master lease, backed by the AAA-rated credit of the Commonwealth of Virginia.
“From the outset, we viewed this as a core medical outpatient asset backed by an exceptional credit profile and an occupier that is actively growing in the market. UVA Health has been expanding its outpatient presence beyond its flagship University Health Center in Charlottesville, and we believed that long-term strategic commitment was a critical part of the story,” said Kornick. “By focusing on the fundamentals, the data and widening the investor audience beyond typical MOB investors, our team was able to create meaningful competition and deliver successful outcome for our client.”
“Every buyer type reads a deal differently,” said French. “Our job was to take that same underlying story and speak to it in the language each investor type actually cares about, whether that’s a healthcare-focused fund, a state-credit buyer, or someone who’d never bought multi-tenant medical real estate before.”
The transaction drew interest from a broad field of institutional and private healthcare real estate investors. An asset management firm with deep experience in state-government emerged as the winning bidder.
Matt Clinebell, Principal at Cascade Realty Partners, said Avison Young ran a genuinely competitive process on the asset, “They understood the credit and the long-term healthcare demand story here better than most, and it showed in how widely and effectively they marketed it.”
About Avison Young
Avison Young is a global commercial real estate advisory firm that’s been committed to making great places for people since 1978. With more than 100 offices and 4,000+ real estate professionals worldwide, the firm combines global reach with market intelligence to help move the industry forward. Its expertise spans across all aspects of commercial real estate including office, industrial, retail, capital markets, multi-residential, hospitality, healthcare, life sciences, land and development, institutional, and a broad range of specialty practices to deliver customized solutions that meet clients’ needs.
Avison Young has achieved Canada’s Best Managed Companies Platinum Club designation for 15 consecutive years, reflecting strong business performance and sustained growth.
About Cascade Realty Partners
Cascade Realty Partners is a privately-held commercial real estate investment firm that was founded in 2014 and is headquartered in Bethesda, MD. The mission of the firm is to deliver superior risk-adjusted returns to our investors and partners through a value-add investment philosophy with a geographic focus in the Mid-Atlantic region. With over thirty years of combined experience in real estate and on Wall Street, the principals of Cascade have developed strong relationships and a deep understanding of the industry.
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