Virginia Square Plaza in Arlington sells for $20.6 million
- May 13, 2010
In a sign that real estate transactions are picking up following a depressed 2009, a two-building medical and general office complex in the popular Rosslyn-Ballston corridor in Arlington drew tremendous interest before selling for $20.6 million to ProMed Properties. The U.S. health care real estate investment company is owned by Gazit Globe, a public company based in Israel.
According to the Washington office of Northmarq Investment Services, 61 prospective buyers toured the 70,000 square-foot properties, and the company’s sales team received 29 written offers. “What we experienced is that every buyer wanted the same product — fully leased, stable buildings that were well located,” Jim Kornick, Northmarq’s senior managing director of investment services said in a statement.
The medical office building is 96 percent leased while the 29,246-square-foot office is 100 percent leased to one of the largest mental health advocacy organizations in the country. The buildings were constructed in 1967 and 1955, and have been renovated twice, most recently in 2007. The buildings traded for $294 per square foot.