A 1980s-era medical office building anchored by Luminis Health in Greenbelt, Maryland, has been sold for $27.5 million.
The Maryland Trade Center III, located at 7501 Greenway Center Drive, was purchased by Chicago Pacific Founders.
The sale was announced this week by Institutional Property Advisors, a division of Marcus & Millichap, which facilitated the transaction.
Greenbelt Trade Center LLC, with its main partner Skyrock Capital, was the seller, having acquired the property in 2019 for $16.8 million, according to Maryland deed records.
Joel Waldman of Greenbelt Trade Center LLC stated that the sale required a strategic approach, highlighting the importance of executing the right plan for such a prominent medical office asset.
Currently, the office building is 75% leased, featuring tenants like Absolute Care of Maryland, Labcorp, Community Radiology Associates, Anne Arundel Dermatology, and Health First Medical Group, in addition to Luminis Health.
Nearby, Cambridge Holdings owns the Maryland Trade Center I and II, having purchased those buildings in 2007 for $58 million.
In addition to representing the seller, Marcus & Millichap’s brokers Robert Filley, Chez Eider, and Brian Hosey were instrumental in procuring the buyer.
In other leasing news, Columbia Property Trust announced the signing of three leases at 1800 M St. NW.
Among these agreements are two 10-year lease extensions for federal government tenants: the Civilian Board of Contract Appeals has extended its 49,000-square-foot contract, and the Medicaid and CHIP Payment and Access Commission renewed its 9,000-square-foot lease.
Furthermore, Columbia Property Trust has secured a 24,000-square-foot lease with a national law firm, speculated to be Saul Ewing, for a term of 12 years on the 10th floor.
In a significant sale in D.C., Americans for Tax Reform purchased a 47,000-square-foot office building at 722 12th St. NW for $8.7 million.
The advocacy group, under Grover Norquist’s leadership, acquired the property from Douglas Development, which had owned the building since 2007.
Despite a foreclosure notice filed in December and an auction scheduled for July 21, the sale was completed shortly before the auction date.
As part of the transaction, Americans for Tax Reform secured a $6.5 million loan from PNC Bank.
Furthermore, Remedy Medical Properties, in conjunction with Kayne Anderson Real Estate, has acquired a portfolio of eight medical office buildings in Northern Virginia.
This portfolio includes a 120,000-square-foot building at 3023 Hamaker Court in Fairfax, built in 2009 for Children’s National Health System, along with a 132,000-square-foot building currently under construction in Alexandria.
Additionally, the acquisition includes a three-building, 254,000-square-foot medical office park on Arlington Boulevard in Fairfax.
While the seller remains unnamed, the Washington Business Journal reported that many of the properties appear to be sold by Harrison Street Real Estate affiliates.
Newmark played a critical role in representing the seller and arranging acquisition financing.
Lastly, In-Rel Properties acquired a 130,000-square-foot office building in Washington D.C.’s Golden Triangle district for $20.3 million.
This eight-story building, located at 2033 K St. NW, was sold by American Realty Advisors.
In-Rel, based in Florida, has engaged CBRE to handle leasing for the property.
According to CBRE, the building has 60,000 square feet available for lease, with plans to implement “town hall” spec suites on the second and third floors.
In-Rel secured a loan of $10.3 million from Burke & Herbert, as confirmed by deed records.
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