Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
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.”
ABOUT AVISON YOUNG
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
Follow Avison Young
For more information: