Foulger-Pratt Sells Silver Spring Medical Office Building For $24M
The Potomac-based developer, in a JV with a global investment firm, sold the MOB at 1400 Forest Glen Road in Silver Spring to Nashville-based Healthcare Realty. Avison Young's Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson represented the buyer.
The deal closed for $24M, according to a source with knowledge of the deal. Foulger-Pratt developed the 62K SF medical office building in 2004. It sits just north of the Beltway and less than a mile from the Forest Glen Metro station.
Healthcare Realty has invested a total of $3.5B in 195 properties across the U.S., primarily focused in Dallas/Fort Worth, Seattle, Charlotte and its home city. The Silver Spring MOB is its second D.C.-area acquisition in the last year. In October, it acquired a 103K SF MOB on the Inova Loudoun Hospital campus in Leesburg, also from Foulger-Pratt with Avison Young brokering.
“This acquisition is a significant addition to our growing portfolio and exemplifies our strategy of acquiring core medical facilities on the campuses of market-leading health systems,” Healthcare Realty Vice President Sushil Puria said in a release.