Joint Venture Acquires DePaul Medical Plaza in Virginia
A joint venture between USAA Real Estate Company and Brackett Flagship Properties has acquired DePaul Medical Plaza, an approximately 100,000-square-foot, Class A, LEED Silver Certified medical office building located on the Bon Secours DePaul Medical Center campus north of downtown Norfolk, Virginia.
The financial terms of the transaction were not disclosed.
The property, which is currently about 64% occupied, is located across from the entrance of Bon Secours DePaul Medical Center, a faith-based hospital. The building’s current tenancy is made up of Bon Secours Oncology Specialists, Bon Secours Surgical Specialists, Bon Secours Outpatient Infusion Center and DePaul Medical Associates.
“This transaction reinforces our strategy to expand our portfolio of healthcare real estate assets across the country,” USAA Real Estate Company President and CEO Len O’Donnell said in a press release. “We are enthusiastic about expanding our venture with Brackett Flagship Properties by adding this state-of-the-art medical office property, especially in a city where USAA has a large member base.”
Lendlease has been retained for on-site property management, and building leasing was provided by Perry Fraser in CBRE’s Norfolk office.
Brackett Flagship Properties, LLC is a full-service health care real estate company that concentrates on the Southeastern United States. Brackett Flagship provides its physician and hospital partners a full range of services and options, including capital investment for development and acquisitions through its partnership with USAA Real Estate Company, the real estate investment arm of USAA. Brackett currently manages more than 65 properties across six Southeastern states.
The DePaul Medical Plaza deal represents the joint venture’s 10th acquisition since its was established in 2015.
Written by Mary Kate Nelson