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Savlan Capital Captures Two Richmond MOBs within $26M Portfolio
Savlan Capital has purchased two medical office buildings in Richmond, VA and a third building in Dallas, TX for a combined acquisition price of $26 million. The assets traded at a cap rate of 7.5%.
- 8575 Magellan Parkway ($8.8 million) in Richmond is a 51,800-square-foot flex building constructed in 2004. It is currently leased to Williamson Drug Co.
- 8580 Magellan Parkway ($10.2 million) in Richmond is a 72,890-square-foot office building constructed in 2001. The building is occupied by Bon Secours Mercy Health.
- 9250 Amberton Parkway ($7 million) in Dallas is a 38,794-square-foot single-story medical office building constructed in 1978 and renovated in 2006. It houses Texas Health Resources.
The Richmond properties are located in Windsor Business Park, a 62-acre office and industrial development.
The portfolio seller, Modiv, was represented by Joe Massa, Anthony Lunceford, Thomas Fakharzadeh and Michael Grenaway of Institutional Property Investors.
Photo: 8580 Magellan Parkway
- ◦Sale/Acquisition
