A Roanoke, Virginia, office building sold for conversion to an outpatient behavioral health facility filled a community need while showing demand for medical office properties in the region.
Blue Ridge Behavioral Healthcare purchased the roughly 49,000-square-foot 3517 Brandon Ave. from Brandon Partners for $1.46 million last year.
The deal has been selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for sale/acquisition of the year for Roanoke.
Blue Ridge plans to invest $10 million into the counseling center, which is expected to provide services for children and adults in one location on 3.47 acres. The facility, once fully built out, is set to open next year, serving 780 to 900 clients per week seeking treatment for mental health disorders, developmental disabilities, and substance use.
The public healthcare provider covers Roanoke, Botetourt and Craig counties, and the cities of Roanoke and Salem.
About the Deal: The deal comes as Virginia Gov. Glenn Youngkin has proposed a plan to fix what his office has called an inadequate and overburdened behavioral healthcare system
What the Judges Said: “The space for needed community mental health services and the number of clients served were the deciding factors,” Kevin Boyle, department head and Willis Blackwood real estate professor, Virginia Tech.
They Made it Happen: Price Gutshall, vice president, Cushman & Wakefield | Thalhimer; Barry Ward, first vice president, Cushman & Wakefield | Thalhimer; Michael Waldvogel, president and CEO, Waldvogel Commercial Properties; Krista Vannoy, vice president and chief operating officer, Waldvogel Commercial Properties.