GREENBELT, M.D., Nov. 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Maryland Trade Center III, a 180,000-square-foot Class A medical office building in Greenbelt, Maryland.
“With the recent expansion by Luminis Health, the Maryland Trade Center III has become an increasingly strategic healthcare hub,” said Robert Filley, IPA senior director. “Luminis Health selected this building for its medical and outpatient expansion, underscoring the strategic importance of the property as a core healthcare facility. Located just one mile from Luminis’ half-million-square-foot hospital center and adjacent long-term recovery center, the building now plays a pivotal role in supporting the organization’s expanding capabilities and reach throughout the Mid-Atlantic region.” Filley and Chez Eider, Marcus & Millichap vice president investments are representing the seller, Greenbelt Trade Center LLC.
“The prime location and tenant mix make this property attractive on a national level,” said Eider. “The offering is drawing substantial interest from institutional buyers and healthcare-focused investors and the renewed commitment of key tenants, such as Greenbelt Radiation Oncology Center, highlights the property’s strong tenant retention and appeal to the healthcare sector.”
Maryland Trade Center III is adjacent to the Greenway Center shopping mall, near Interstate 95, Interstate 495, and the Baltimore-Washington Parkway. NASA Goddard Space Flight Center, the University of Maryland, College Park, and Bowie State University are nearby.
“The property is seeing strong attention from medical service providers, and Luminis’ expansion and signage are anticipated to intensify interest,” said Katie Datin, leasing broker at Scheer Partners, who leads the Maryland Trade Center III leasing team.
Built in 1989, Maryland Trade Center III has been well maintained and modernized in recent years with a new lobby and millions in capital improvements, including systems upgrades. In addition to Luminis Health, tenants include Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology, Health First Medical Group, and Greenbelt Oncology. On-site amenities include a tenant-only fitness center, café and daycare facility, and a two-story atrium lobby. Brian Hosey, senior vice president and division manager is Marcus & Millichap’s broker of record in Maryland.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
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