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Transactions: ProMed takes MOB space over hospital

INVESTOR PAYS $21.75M FOR LEASEHOLD INTEREST IN FOUR FLOORS IN BALTIMORE

By John Mugford

ProMed Properties recently paid $21.75 million for the leasehold interest in
four floors of the Johnston Professional Building, which is atop the 271-bed
MedStar Union Memorial Hospital in Baltimore.
Photo courtesy of ProMed Properties

ProMed Properties, which has been an active buyer of medical office buildings (MOBs) in the eastern part of the country in recent years, has landed an acquisition in the Baltimore market.

There, the North Miami Beach, Fla.-based wholly owned subsidiary of Tel Aviv, Israel-based Gazit-Globe (NYSE: GZT), acquired the leasehold interest of four floors of the Johnston Professional Building, which is atop the 271-bed MedStar Union Memorial Hospital.

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