324-328 Louisa Avenue

Colliers is pleased to exclusively present for sale 324-328 Louisa Avenue in Virginia Beach, VA. This offering is comprised of two, single story, brick and glass medical office buildings totaling 20,085 square feet. Situated on 2 acres with immediate access to I-264 and First Colonial Road, 324 Louisa Avenue was constructed in 2005, quickly followed by the delivery of 328 Louisa Avenue in 2007. These developer-owned assets have provided steady cash flow due to its premier location and strong demand for medical office space in the First Colonial Road and Hilltop corridor. The easy accessibility and close proximity to Sentara Virginia Beach General Hospital allows the complex to attract the medical demands of residents between Town Center and the Oceanfront. Although there is a high concentration of medical assets surrounding Virginia Beach General Hospital, the submarket is very mature with some of the strongest demographics in the region and a deep amenity base. Due to the recession resistant nature of the medical industry, the complex distances itself from the hurt of today’s office environment. Both buildings offer a quality roster of medical tenancy in plastic surgery, primary care, dentistry, therapy, and more. The complex is currently 79% occupied with a recent vacancy of 4,200 square feet. Current tenancy boasts a 4.6 year weighted average lease term.