Cascade-BGO project sells in the mid-$40M range; Avison Young brokers sale
By John B. Mugford
Sources say that Cascade Realty Partners and BentallGreenOak have sold the 111,315 square foot UVA Health Medical Park Riverside for a price in the mid-$40 million range, culminating the successful repurposing of the Charlottesville, Va., property. (Photo courtesy of Avison Young)
Although the prospect of converting other commercial properties for medical use can be alluring, success hinges on several factors, including location, parking availability, building suitability, tenant demand and more.
But it can be done, as evidenced by a recent repurposing project in Charlottesville, Va., which is part of a growing metropolitan area in the central part of the state and which is home to the prestigious University of Virginia (UVA).
The repurposed property is the 111,315 square foot UVA Health Medical Park Riverside, a four-building medical outpatient building (MOB) campus at 2315, 2325, 2331 and 2335 Seminole Lane in the northern part of the city.
Bethesda, Md.-based Cascade Realty Partners, which acquired the property in 2021, completed a previously started repurposing, increased occupancy from about 60 percent to fully leased, and expanded the space occupied by anchor tenant UVA Health. The firm recently capitalized on the successful repositioning project by selling the complex to an undisclosed buyer.
Although the sale price has not been disclosed by those involved, industry sources tell HREI that it was in the mid-$40 million range, which would work out to just more than $400 per square foot (PSF). That sale closed July 22.
The last time the property traded, in August 2021, the price was
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