Greenbelt Medical Office Building Sells For $28M: The D.C. Deal Sheet
A 1980s-era medical office building in Greenbelt, Maryland, anchored by Luminis Health, sold for $27.5M.
Chicago Pacific Founders purchased the 192K SF Maryland Trade Center III at 7501 Greenway Center Drive, its broker, Institutional Property Advisors, a division of Marcus & Millichap, announced this week.
The seller was Greenbelt Trade Center LLC, the main partner of which is Skyrock Capital. It purchased the property in 2019 for $16.8M, according to Maryland deed records.
“As owners of high-quality office assets, we knew this sale demanded the right strategy and execution for this trophy medical office,” Greenbelt Trade Center LLC’s Joel Waldman said in a statement.
The office building is 75% leased. Along with Luminis, tenants include Absolute Care of Maryland, Labcorp, Community Radiology Associates, Anne Arundel Dermatology and Health First Medical Group. Nearby, Cambridge Holdings owns Maryland Trade Center I and II, which it purchased in 2007 for $58M.
In addition to representing the seller, Marcus & Millichap’s Robert Filley and Chez Eider procured the buyer, along with the brokerage’s Brian Hosey.
LEASES
Columbia Property Trust inked three leases at 1800 M St. NW, the landlord announced this week. It secured two 10-year extensions for federal government tenants: The Civilian Board of Contract Appeals extended its 49K SF deal, and the Medicaid and CHIP Payment and Access Commission extended its 9K SF lease. Columbia Property Trust also announced a new 24K SF lease with a “national law firm” for a 12-year term on the 10th floor, a tenant that several Q2 market reports indicate is Saul Ewing.
SALES
Americans for Tax Reform, an advocacy group run by Grover Norquist, purchased its 47K SF headquarters building from Douglas Development, deed records show. The organization paid $8.7M for the property at 722 12th St. NW, which Douglas had owned since 2007. A foreclosure notice for the property was filed in December on the property, and an auction had been scheduled for July 21, but the sale was completed less than a week before it was set to be held. Americans for Tax Reform took out a $6.5M loan from PNC Bank along with the deal, deed records show.
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Remedy Medical Properties and Kayne Anderson Real Estate acquired a portfolio of eight medical office buildings in Northern Virginia, the buyers announced this week. The properties include a 120K SF office building at 3023 Hamaker Court in Fairfax, built in 2009 for Children’s National Health System; a 132K SF building under construction in Alexandria; and a three-building, 254K SF medical office park on Arlington Boulevard in Fairfax. The seller wasn't named, but the Washington Business Journal reported that the majority of the properties appear to be sold by affiliates of Harrison Street Real Estate. Newmark represented the seller and arranged acquisition financing.
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In-Rel Properties purchased a 130K SF office building in D.C.'s Golden Triangle district for $20.3M, deed records show. American Realty Advisors sold the eight-story building at 2033 K St. NW. The Florida-based In-Rel has now tapped CBRE to lease the property, according to the brokerage, which said the property has 60K SF of “top-down” availability and that In-Rel plans to build out “town hall” spec suites on the second and third floors. In-Rel took out a $10.3M loan from Burke & Herbert, according to deed records.
