JLL Capital Markets completed the sale of Shady Grove Professional Centers I and II in Rockville, MD
BOSTON, September 13, 2022 – JLL Capital Markets announced today that it has closed the sale of Shady Grove Professional Centers I and II, two multi-tenant medical office buildings that total 103,249 square feet in Rockville, Maryland adjacent to the Adventist Healthcare Shady Grove Medical Center.
JLL marketed the property on behalf of Anchor Health Properties and MedProperties. An affiliate of Heitman LLC (Heitman), a global real estate investment management firm, acquired the asset.
The buildings are 87%-leased to a variety of tenants and are anchored by Capital Digestive Care, Johns Hopkins and independent physician groups. Shady Grove Professional Centers I and II are multi-specialty clinical buildings with more than 15 medical specialties and ambulatory surgery centers with 18 operating and procedure rooms. Aside from surgery centers, the properties include top specialty practices such as gastroenterology, MRI and imaging, pediatrics, primary care, family care and ophthalmology among others.
Located at 15001 and 15005 Shady Grove Rd., Shady Grove Professional Centers I and II are adjacent to the 329-bed Adventist Healthcare Shady Grove Medical Center, the market leading acute care center in the area. The properties benefit from their position within the D.C. Metro, the sixth largest in the U.S. with nearly 6.3 million citizens. The average household income within a three-mile radius of the buildings is $156,056 and 65.2% of residents in the Shady Grove submarket hold a bachelor’s degree or higher.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman, Directors Dave Baker and Anthony Sardo, Senior Director Chris Hew and Associate Landon Weaver. Leasing support is provided by Senior Managing Director Amanda Davis and Senior Vice President JG Cahill.
“This was an ideal time to buy, as the Shady Grove medical office market continues to experience considerable expansion with the hypergrowth of the life science submarket and the construction of the new Adventist Healthcare bed tower,” Knott said. “The Shady Grove Professional Centers garnered significant interest from the healthcare investment community from industry veterans such as Heitman and new entrants due to the rare scale, acuity and campus adjacent location within a sought-after metro.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
– ends –
About Anchor Health Properties
Established in 1985, Anchor Health Properties is a national, full-service healthcare real estate development, management and investment company focused exclusively on healthcare facilities. Founded on many of the same principles basic to the creation of a successful retail center, their strategic, holistic approach to navigating competitive healthcare markets evolved from their days in retail development.
MedProperties is a national dedicated healthcare investment manager investing in stabilized, near stabilized and value-add healthcare properties as well as ground up developments. MedProperties has invested in over 100 healthcare properties encompassing four and half million square feet across 28 states.
Founded in 1966, Heitman LLC is a global real estate investment management firm with more than $53 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with additional offices in North America, Europe, and Asia-Pacific, Heitman’s approximately 350 employees offer specialized expertise – from a specific discipline to local insight.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Cierra Lacasse, JLL Associate, Public Relations
Phone: +1 602 648 8701
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE