News Release: Avison Young completes $24.25-million sale of Maryland medical office portfolio

Washington, DC – Josh Peyton, Avison Young Principal and Managing Director of the company’s Washington, DC office, announced today that the firm has completed the $24.25- million sale of a medical-office building portfolio in Frederick, MD.

Jim Kornick and Chip Ryan, Principals in the firm’s Washington, DC office and who specialize in healthcare-related real estate and medical office buildings, were retained by the seller, local developer Ausherman Development Corporation, to market the property. After a highly competitive marketing process, CNL Healthcare Corporation purchased the property.

Located at 194 and 45 Thomas Johnson Drive in Frederick’s area known as Doctor Row, the two class A buildings comprise a total of 82,348 square feet. The fully occupied buildings are twothirds leased to affiliates of Frederick Memorial and John Hopkins Hospitals.

“The strength of the tenants and the attractive demographics of the Washington, DC suburb of Frederick made the assets attractive to all national core medical office investors,” comments Kornick. “In the current hot medical office market, we were able to exceed our client’s expectations.”

The Rose Hill Professional Center (194 Thomas Johnson Drive), built in 2013, is fully leased to Frederick Memorial Hospital. The Patriot Professional Center (45 Thomas Johnson Drive) is a multi-tenant building anchored by John Hopkins Community Physicians and Frederick Surgery Center.

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