New Mountain Capital, a New York-based investment firm, has recently purchased a 248,000-square-foot building located at 14225 Newbrook Drive in Chantilly, Virginia for $80.5 million from Alexandria Real Estate Equities Inc.
According to the Washington Business Journal , the medical facility that is anchored by Quest Diagnostics was sold for nearly three times its assessed value. The sale equates to approximately $324 per square foot.
Based on Fairfax County property records cited by the Journal , it is estimated that the property will be valued at $31 million in 2025. This particular location houses one of Quest Diagnostics’ esoteric reference and clinical trials laboratories.
This transaction marks Alexandria Real Estate’s only asset in Northern Virginia and upon completion of the sale, they earned a net profit of $37.1 million according to their quarterly report. It is expected that New Mountain will maintain this single-tenant property as they have entered into a long-term net lease agreement with Quest Diagnostics.
In summary: A building located at 14225 Newbrook Drive in Chantilly,Virginia has been acquired by an affiliate of New York investment firm New Mountain Capital for $80.5 million from another affiliate company owned by Alexandria Real Estate Equities Inc.The purchase price was almost three times higher than its assessed value and amounts to around$324 per square foot.Accordingto county records,the property’s valueis projectedto increase significantlyby2025.It currently serves as oneofQuestDiagnostics’ specialized referenceandclinical trial labs.ThiswasAlexandriaRealEstateEquityInc.’ssoleassetinNorthernVirginia,and afterthe salethey madea profitof$37.lmillion.NewMountainCapitalwill continueoperatingthebuildingasasingle-tenantpropertyunderalong-termnetleaseagreementwithQuestDiagnostics.
