Press Releases
Marcus & Millichap Arranges The Sale Of Two Mary Washington Healthcare Medical Offices In Fredericksburg, VA
April 10, 2023Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Mary Washington Healthcare – Wellford, a 12,000-square foot single-tenant medical office and Mary Washington – Cosner, a 19,378-square foot multi-tenant medical office, both located in Fredericksburg, VA, according to Brian Hosey, the firm’s broker of record for Virginia. The assets sold for a combined $7,854,000.
Seth Haron, Ashish Vakhariya, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office facilitated the transactions on behalf of the seller. “The Mary Washington Healthcare – Wellford site operates as an orthopedic clinic and generated quite a bit of interest from investors” says Seth Haron, First Vice President Investments within the National Healthcare Real Estate Group. “Key drivers included an investment grade tenant (Moody’s: A3), a brand new double-net lease with annual rent increases, and close proximity to Mary Washington Hospital (451-bed, Level II Trauma Center). Mary Washington Healthcare is a not-for-profit regional healthcare system and is ranked the third best hospital in the Washington D.C. Metro area and sixth best in the state of Virginia.”
Mary Washington Healthcare – Cosner is a condoized multi-tenant medical office situated near Spotsylvania Regional Medical Center (133-bed acute-care hospital) and Cosner’s Corner Shopping Center. Two out of the three suites were occupied by Mary Washington Healthcare and offered upside through lease up of the existing vacant unit.
In the past twenty-four months, Seth Haron, Ashish Vakhariya, and Darin Gross have sold or have under contract to sell, $175.6 Million of medical office and retail investment properties throughout numerous states spanning the eastern half of the U.S. and beyond.
