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Starwood Capital Sells North Rockville Medical Office for $11M

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Starwood Capital Sells North Rockville Medical Office for $11M

NYC private equity firm Raith Capital Partners has made its first acquisition in the DC region, a 77k SF, 55% leased medical office building in North Rockville, MD. 

Raith paid $11M for the building, which was owned by LNR Partners, according to property records. LNR is a Miami firm that specializes in the distressed commercial property markets, and it was bought by Barry Sternlicht's Starwood Capital Group in 2012. The building has a gynecologist, dentist and pediatrician's office in it, and just welcomed DaVita HealthCare Partners, a publicly traded kidney care company, last month. CBRE brokered the sale.

The building, Decoverly III, was built in 1989 at 15204 Omega Dr, close to Shady Grove Adventist Hospital and I-270. CBRE SVP Michael Blunt led the brokerage team in a deal announced a day after Bisnow released a list of the whopping 25 commercial property sales over the past month. It's the fourth property CBRE has helped sell in the area in the last 16 months.