Virginia Urology Building in Richmond sells for $19.2 million

Published October 10, 2013 by Paula C. Squires

A medical office building in Richmond’s Stony Point area has a new owner.  New York-based American Realty Capital Healthcare Trust bought the Virginia Urology Center at 9105 Stony Point Drive for $19.2 million, according to city records and public filings.

The three-story, 54,810-square-foot building on 5.45 acres was built in 2003.  Like many medical buildings, it comes with a single tenant, Virginia Urology, which means stable cash flows over the life of a 15-year lease, which expires in 2018. 

The healthcare sector of the commercial real estate market has been active in recent years with many new office buildings going up near hospitals or other mixed-use developments and with REITs, such as American Realty, scooping up these properties. 

The Stony Point property, which changed hands earlier this week, was assessed by the city of Richmond at $8.7 million.