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Avison Young brokers sale of $21 million medical office building near flagship hospital in Fairfax, VAMay 17, 2022
Intense competition for Prosperity Plaza shows market for healthcare properties remains red hot
WASHINGTON, DC — Avison Young’s U.S. Healthcare Capital Markets Group announced today that it has brokered the sale of Prosperity Plaza, a medical office building ideally located near a flagship hospital in Fairfax, Va.
Global Medical REIT purchased the building at 3020 Hamaker Court from its original developer, The Tomares Companies for $21 million. The 96,070-square-foot (sf) building is less than one mile from the campus of Inova Fairfax Hospital, Virginia’s largest healthcare facility.
Representing the seller was an Avison Young team led by Jim Kornick and Mike Wilson, Principals and Co-Practice Leaders of U.S. Medical Office Sales; Jon Goldstein, Principal; and Joe French, Associate.
“The intense competition for this asset exemplifies how capital across the investment spectrum remains in hot pursuit of healthcare properties,” Kornick said. “Once again, the investment thesis that medical office buildings are recession-resistant has been reinforced, and now we can add that these properties are also pandemic-resistant as well.”
Constructed in 1986 on a 3-acre site, Prosperity Plaza features a two-level parking garage as well as surface parking. The seven-story building is currently 84 percent leased to medical and traditional office tenants including Medstar, Inova, the Neurology Center of Fairfax, and the real estate services company Gates, Hudson and Associates.
Prosperity Plaza benefits from serving affluent Fairfax County, with easy access and proximity to key demographic profiles such as seniors and Baby Boomers. The building’s location is made even better by being:
- Near Inova Fairfax Hospital, the flagship hospital in the Inova Health System;
- Close to three of the region’s major highways: I-495, U.S. Route 50 and I-66
- Just steps away from the Mosaic District, a popular destination filled with premier stores and restaurants;
“Medical office buildings continue to be in high demand across the country,” Wilson said. “Combine that with Prosperity Plaza’s location and you can see why it drew such incredible interest from investors worldwide.”
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