For Immediate Release
Monday, April 22, 2019
WASHINGTON – Avison Young announced today that it has negotiated the sale of a Class A medical office building in a growing suburb of Washington, DC.
Foulger-Pratt, based in Potomac, Maryland, sold the building located at 7704 Matapeake Business Drive in Brandywine, Md. to Hammes Partners for $20.595 million. Hammes Partners is a private equity firm focused exclusively on the U.S. healthcare real estate market, headquartered in Milwaukee, Wis.
Avison Young, the world’s fastest-growing commercial real estate services firm, represented the seller, local real estate investor and developer Foulger-Pratt. The transaction team was led by Jim Kornick and included fellow Principals Chip Ryan, Mike Wilson and Erik Foster; Mark Johnson, Executive Vice President; and Georgiana Condoiu, Vice President; all members of Avison Young’s national medical office sales group.
“Brandywine Crossing is the highest quality medical office building in the market, offering an excellent tenant mix, a convenient retail location and phenomenal demographics in an affluent Washington, DC suburb,” Kornick said. “This was a superb opportunity to acquire a stable Class A off-campus medical office building. Demand for such core medical office continues to far outstrip supply.”
The building, completed in 2016, is roughly 92 percent leased to 10 clients, including Johns Hopkins and Physician Reliance. The tenancy of the 61,614-square-foot building is a mix of primary care and outpatient-oriented specialists such as cardiologists, oncologists and hematologists.
The market is supported by strong demographics that boast an income of more than $100,000 per household. About 58,000 people live within a 5-mile radius of the building, with the number expected to grow thanks to significant residential developments planned in the surrounding areas.
The three-story building is located within Brandywine Crossing, a 230,925-square-foot shopping center featuring a Safeway, Costco, Target, Xscape Theaters and CarMax.
Brandywine Crossing is strategically located at the merger of Route 301 and MD Route 5 (Branch Avenue), the primary highways for the Southern Maryland peninsula. It provides easy access to the nation’s capital and I-495. More than 82,500 vehicles pass the site each day.
“This building’s accessible high-traffic location is attractive to tenants responding to the accelerating ‘retailization’ trend in healthcare services, where patient convenience is paramount,” Kornick said.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
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For further information/comment/photos:
Jim Kornick, Principal, Washington, Avison Young: 202.644.8681
Mark Pankowski, Pankowski Media: 301.260.9250
Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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