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Alexandria Real Estate Sells Chantilly Medical Lab for $80.5M
An affiliate of New York investment firm New Mountain Capital has acquired a 248,000-square-foot building at 14225 Newbrook Drive in Chantilly, Virginia, for $80.5 million from an affiliate of Alexandria Real Estate Equities Inc.
The sale of the medical facility anchored by Quest Diagnostics traded hands for nearly three times its assessed value, reported the Washington Business Journal. The transaction equates to roughly $324 per square foot.
According to Fairfax County property records, the property will be assessed at $31 million in 2025, per the Journal. It is one of Quest Diagnostics’ esoteric reference and clinical trials laboratories.
It was Alexandria Real Estate’s only asset in Northern Virginia. The REIT, upon completion of the sale, netted $37.1 million, according to the quarterly report. New Mountain is expected to maintain Newbrook Drive as a single-tenant property, given the long-term net lease with Quest Diagnostics.
