Gyrodyne Company of America Inc. has agreed to buy Fairfax Medical Center in Fairfax, Va., for $13.2 million.
The New York-based real estate investment trust plans to complete due diligence and close on the 59,108-square-foot medical office property no later than April 30.
"Gyrodyne is very pleased with the acquisition of this property, which advances our medical office investment strategy," said Stephen Maroney, chief executive officer of Gyrodyne, which owns 15 medical office buildings in New York state.
Fairfax Medical Center includes two four-story buildings on 3.5 acres and is home to 28 medical-related tenants, including imaging center specialists and opticians.
Maroney said Gyrodoyne was attracted to the medical property because of its closeness to an HCA Inc.-owned surgical center and Inova Health System's Fairfax and Fair Oaks hospitals.
Following the acquisition, Fairfax Medical Center will continue to operate as a rental property.
"This property has a strong occupancy history, and we are confident that it will lease up quickly," said Peter Pitsiokos, Gyrodyne's chief operating officer. "We look forward to building on our past success as a responsive, hands-on owner that is highly in tune with the needs of physicians and their patients."