Eight Class A medical office condos in Chesapeake, Va., will be sold at auction June 28th
05/23/2012

Eight never-before-occupied Class A medical office condominiums in the partially tenanted Oakbrooke Professional Center, located at 516 Innovations Drive in Chesapeake, will be sold to the highest bidder in an on-site auction slated for Thursday, June 28, at 6:30 p.m. (EST).

Online PR News – 23-May-2012 – CHESAPEAKE, Va. – (CHESAPEAKE, Va.) - Eight never-before-occupied Class A medical office condominiums in the partially tenanted Oakbrooke Professional Center, located at 516 Innovations Drive in Chesapeake, will be sold to the highest bidder in an on-site auction slated for Thursday, June 28, at 6:30 p.m. (EST). The auction is being conducted by Atlantic Asset Management Group, headquartered in Virginia Beach.

Oakbrooke Professional Center is located in the newly constructed Oakbrooke Business and Technology Park, across from a new FBI headquarters building now under construction, and next to the Children's Hospital of the King's Daughter Health Center. Current tenants comprise a mix of doctors and other professionals. The condo units to be sold will be attractive to both occupants and investors.

“This is a phenomenal three-story medical and professional building, constructed in 2008 by one of the premier developers in Hampton Roads,” said William J. Summs, chief executive officer of Atlantic Asset Management Group. “The only reason the building didn't sell out immediately upon completion was because of the financial crisis that stalled nearby projects that are now coming online.”

Atlantic Asset Management Group has scheduled buyer-broker seminar-previews and guided tours (afterward) for anyone interested in bidding on a unit. These will be held June 7 and June 21, from 5:30-7:30 p.m. Investment opportunities and financing packages, plus sample build-out plans, will be discussed at the seminars. Full property information (condo documents, comps, floor plans, etc.) may be viewed at the Atlantic Asset website -- www.AtlanticReMarketing.com. Brokers are protected.

“This is an extraordinary opportunity,” Summs remarked. “We're looking at opening bids of 25 percent below developer cost, with the probability that some or all of the units will sell for below cost. An investor can come in and do the build-out for a tenant in a brand new building with all the upgrades. And it's situated in the highly desirable southeast corridor of Chesapeake, a high-growth, upscale area.”

More specifically, Oakbrooke Professional Center is located near the intersection of Clearfield Avenue, Network Station and Innovation Drive, less than five minutes from Interstates 64 and 464 and the Greenbrier Mall. It also enjoys close proximity to Kempsville Road and Battlefield Boulevard and is near Chesapeake's largest residential areas – Greenbrier and Great Bridge. It is an extension of the Greenbrier Business Area, one of the the most successful Planned Unit Developments in the region.

The eight units range in size from 1,402 square feet to 3,467 square feet. Features include pre-wiring for high-speed data, separately metered utilities running to each suite, a fire suppression sprinkler system throughout, automatic main entry doors, five parking spaces per 1,000 square feet of office space, an after-hours keyless entry system with building security, an intercom system and more.

Prospective medical tenants will be impressed with the drive-up patient and personnel drop-off feature, as well as the inviting, two-story open atrium and exterior seating area. The building has a 9-foot interior ceiling height, with 13 feet 8 inches between floors. Assistance will be available for build-out and space planning (that's a huge plus, considering each condo unit right now is basically a shell).

Oakbrooke Business and Technology Park has a mix of both office and flex-u
se properties. In addition to the Children's Hospital (C.H.K.D.), other tenants include the Tidewater Community College Regional Automotive Center and UrsaNav. The complex features a lake surrounded by paved walking trails. All the common areas are landscaped and maintained by the park's property owner's association.

Oakbrooke Professional Center is zoned as a Planned Unit Development (PUD). As such, it is subject to certain park covenants and architectural guidelines. PUD requirements are available from the Chesapeake Economic Development Department, or by visiting www.oakbrooke.com.

The auction will begin promptly at 6:30 p.m. and will end 15 minutes later. Those unable to attend in person may bid online at Auctionzip Live (www.auctionzip.com/azlive). The condo units may be previewed via guided tour, either at the June 7 or June 21 seminar or by appointment. To schedule a tour appointment, you may call Jim Beverly, the principal broker of the property, at (757) 639-9398.

Atlantic Asset Management Group is a full-service auction firm specializing in the sale of commercial and residential real estate, commercial and retail businesses, heavy equipment, surplus vehicles, commercial and pleasure marine craft, and furnishings, fixtures and equipment. Bonded and licensed since 1979, Atlantic Asset Management Group specializes in assets of substantial value.

Atlantic Asset Management Group is always interested in consignments, business liquidations, estate sales and properties for future sales. To discuss solutions for assets, business or property, you may call them at (757) 461-6867; or you can e-mail them at info@atlanticremarketing.com. To learn more about Atlantic Asset Management Group and the June 28 auction of eight condominium units at Oakbrooke Professional Center in Chesapeake, Va., please log on to www.AtlanticReMarketing.com.

- 30 -