LEESBURG, Va., and CHICAGO, July 28, 2021 – Remedy Medical Properties, the nation’s largest private owner of healthcare real estate, announced today the acquisition of the four-story, 95,243 square foot Cornwall Medical Pavilion. The medical office building (MOB) is located in the affluent suburban community of Leesburg, 33 miles northwest of Washington, D.C.
“We are delighted to add this outstanding facility to the Remedy Medical Properties portfolio, as it represents an opportunity to acquire an asset that meets many of the key criteria we seek,” says Joe Magliochetti, Chief Investment Officer for the Chicago-based firm.
Located at 244-D Cornwall Street in Leesburg in the demographically attractive Loudoun County submarket, “Cornwall Medical Pavilion is the only Class A, multi-tenant medical building on the Inova Loudoun Hospital – Cornwall Campus,” Mr. Magliochetti notes. “We were attracted to the growth and stability of greater Washington D.C., especially Leesburg as the growing, vibrant seat of Loudoun County.”
Inova Loudoun Hospital – which is connected to the MOB – offers an emergency department, an imaging center, inpatient and outpatient behavior health services, and a 100-bed not-for-profit skilled nursing facility.
“Remedy already enjoys a fruitful relationship with Inova, the dominant provider and market leader in Northern Virginia,” Mr. Magliochetti says. “That fact, combined with an existing base of outstanding tenants and providers, presents an excellent opportunity for us to enhance the MOB’s performance through Remedy’s full-service platform of market research, financing, asset management, leasing and property management.”
Cornwall Medical Pavilion houses 15 tenants and serves as a key outpatient location for assorted regional physician specialty practices. It is anchored by Loudoun Medical Group, one of the largest independent medical groups in the Washington area. Other tenants include Privia Medical Group, DaVita and independent physician practices affiliated with Inova.
The MOB has the use of 655 parking spaces shared with the rest of the Inova campus.
Percival Health Advisors, an independent healthcare strategy advisory group within Remedy, “was instrumental in helping us to identify areas where Leesburg and Loudoun County were in need of fortification of some critical healthcare specialty services,” he notes. “Their analysis revealed an unmistakable opportunity and made the case for us to acquire and improve the performance of this great facility, bolster the tenant mix, and ultimately healthcare access and options for the citizens of this community.”
Remedy’s acquisition of Cornwall Medical Pavilion closed May 5. JLL Capital Markets Group’s Brannan Knott acted as the seller’s advisor.
Some space remains available in Cornwall Medical Pavilion. For leasing information, independent physician practices and other providers offering complementary services are invited to contact Remedy’s Daniel McGivney, Senior Vice President, Leasing, at firstname.lastname@example.org.
Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with over 26 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients.