Newmark Arranges $20.25M Sale of Medical Office Property in Richmond, VA

July 14, 2025 9:00 AM

Newmark announces the company has arranged the $20.25 million sale of the Discovery Medical Office Building, at 8006 Discovery Drive in Richmond, Virginia. Newmark Executive Managing Directors Will Bradley and Mark Williford represented the seller, Stanley Shields, in the transaction. The buyer was Elliott Bay, a healthcare-focused real estate investment firm.

“This transaction reflects sustained investor demand for high-quality, hospital-adjacent medical office assets,” said Bradley. “The Discovery Medical Office Building’s strong tenancy, strategic location within a key healthcare corridor and resilient fundamentals made it a compelling acquisition.”

The four-story, 54,379-square-foot building is a hospital-adjacent outpatient medical building that was retrofit to suit tenant needs. It is considered a core asset within the region’s healthcare real estate market. The building is conveniently located in Richmond’s West End Medical District, home to regional flagship hospitals Bon Secours Mercy Health and HCA Henrico Doctors’ Hospital. The building was previously corporate-owned and is today anchored by highly regarded local practices James River Cardiology and VitalCare.

Healthcare-oriented properties were among the few asset types to outperform the overall REIT index in the first quarter of 2025, according to Newmark Research. Medical office buildings have gained popularity among investors in recent years, driven by an aging U.S. population and rising healthcare spending—factors expected to continue fueling long-term demand for outpatient facilities.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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