Virginia Beach medical building sells for $21M
52,000-square-foot Beach Medical Pavilion has two tenants
A medical office building in Virginia Beach sold for $21 million, Nashville, Tennessee-based buyer Montecito Medical Real Estate announced Thursday.
Located at 1717 Will O’ Wisp Drive, the two-story Beach Medical Pavilion has 52,000 square feet. Its tenants are Gastroenterology Ltd. of Virginia Beach and OrthoVirginia. The property is across the street from Sentara Virginia Beach General Hospital.
“We are very pleased to acquire this prime property in an attractive and growing health care market,” Rus Gudnyy, senior vice president of investments for Montecito Medical, said in a statement. “We are also excited about the opportunity to enter into a long-term relationship with a dominant provider like Gastroenterology Ltd. and to build on our long-standing relationship with OrthoVirginia.”
Chris Devine and Chris Zarpas with S.L. Nusbaum Realty Co. brokered the sale. The developer was Virginia Beach-based Robinson Development, and the seller 1717 WOW LLC.
Gastroenterology Ltd. has nearly 20 physicians and three locations. The Beach Medical Pavilion one is its flagship location and includes an endoscopy center.
OrthoVirginia has 131 physicians and more than 400 practice members across 44 locations.