Fairfax medical office building sells for $4.6M
The 53,430-square-foot building is 37% leased.
A medical office building in Fairfax County’s Merrifield area has sold for $4.6 million, Toronto, Canada-based commercial real estate company Avison Young Inc. announced Monday.
The five-story, 53,430-square-foot building is 37% leased to several medical practices, says Avison Young Principal Jim Kornick, who led the sale on behalf of the seller, Harrison Street Real Estate. Some of the medical practices include Prosperity Primary Care, Fairfax Convenient Care and Horizon Spine and Pain Specialists.
Located at 8301 Arlington Blvd., the building sits on 2.18 acres. It is located approximately two miles from the Capital Beltway and Route 50, and less than one mile from Inova Fairfax Hospital and Inova Center for Personalized Health. Vik Railan purchased the property in a transaction that closed on May 28.
“In spite of the challenges presented by the COVID-19 epidemic, we were able to find a private buyer with whom we executed a smooth transaction,” Kornick says.
Although plans for future redevelopment have not been released, the real estate is a covered land play, a building zoned to allow for non-retail commercial uses. Plans could eventually include senior housing or a hospitality establishment, according to Avison Young.