Developer sells GreenGate medical office building for $18M – RichmondBizSense

This medical office building in GreenGate sold for $17.95 million. (BizSense file)

Markel | Eagle Partners had about 18 million new reasons to celebrate the new year.

The real estate-focused private equity firm and developer of GreenGate last week sold the Short Pump-area project’s medical office building at 3400 Haydenpark Lane for $17.95 million, Henrico property records show.

The buyer was Nashville-based Montecito Medical Real Estate. The 49,000-square-foot building was completed in 2018 within the 75-acre mixed-use development just west of Short Pump Town Center.

Markel | Eagle President Ricky Core said the sale was in alignment with the firm’s long-term plans for GreenGate.

“We knew selling was something that was always going to be in the business plans. There were plenty of people that expressed interest in owning it, but with (Montecito) we felt a great sense of comfort,” Core said. “The long term plan (for GreenGate) is to spin off and sell assets when they’re stabilized.”

Core said the building is over 95 percent leased to tenants including Tuckahoe Orthopaedics, PartnerMD and VCU Health, the latter of which Markel | Eagle recently inked as a tenant.

Ricky Core

“The last lease was VCU. We’d been working on that for most of 2020. Getting that