Stockdale Capital Partners has sold a pair of medical office buildings in Fairfax County to its anchor tenant.
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Inova Health System purchased the Willow Oaks Medical Campus, which totals around 383K SF, for $97.5M. The property is next to the 923-bed Innova Fairfax Medical Campus. Newmark, which represented the seller, announced the news this week.
In addition to Inova, the medical office buildings at 8260 and 8280 Willow Oaks Corporate Drive also house other hospital and third-party tenants, according to a press release.
Newmark’s Ben Appel, Jay Miele, Justin Shepherd, John Nero, Michael Greeley and Ron Ott represented Stockdale, with support from the firm’s Jud Ryan and James Cassidy.
Appel said in the release the brokerage was initially looking to sell only one of the properties but received unsolicited bids for both assets.
LEASES
A U.K.-based quantum algorithms company has chosen Arlington for its North American headquarters, Arlington Economic Development announced this week. Phasecraft is taking 4,600 SF at 4250 Fairfax Drive, a spokesperson for AED told Bisnow. The company is investing $113M in its new location and plans to add 19 new roles.
SALES
Cummings Capital Partners purchased a pair of office buildings in Tysons totaling 466K SF. JLL, which represented the seller, announced the deal but did not name its client or the sale price. The properties at 1676 International Drive and 8260 Greensboro Drive were last owned by Brandywine Realty Trust, according to Fairfax County property records. They underwent a $27M renovation in 2019 and are 86% leased to 43 tenants, the release said.
MILESTONES
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An all-affordable apartment building on the edge of Union Market and NoMa opened its doors this week. Development team NRP Group and Marshall Heights Community Development Organization, along with their partners, held a grand opening on Wednesday for Emblem, a 115-unit, 13-story building at 301 Florida Ave. NE.
All units are reserved for residents making 30% to 50% of the area median income. Amenities include a toddler playroom, an oversized bike storage and a multipurpose community room, and residents will have access to support services and programming to promote economic mobility, according to a release. The project is NRP’s first affordable housing development in D.C.
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The D.C. Office of Planning released its final master plan for the RFK campus redevelopment this week. The document divides the 180-acre site to the west of the Anacostia River into six districts, each with a distinct purpose. It calls for a total of up to 6,500 new housing units, 30% of which would be affordable, as well as hotels, office, retail, parks and recreation spaces. The plan has been transmitted to the D.C. Council for review.
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