Feb. 3, 2025 — CBRE facilitated the sale of Trilogy Medical Center, a 54,008-square-foot medical outpatient building (MOB) located at 1165 Imperial Drive, Hagerstown, Maryland to Chicago-based Remedy Medical Properties in a venture with Kayne Anderson Real Estate. The seller was Nashville-based Montecito Medical Real Estate.
Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Tim Connolly of CBRE’s Bethesda Advisory and Transaction team to act as the exclusive advisors to the seller.
The 100% leased, three-story facility is anchored by Capital Women’s Care (CWC), an affiliate of Unified Women’s Healthcare, occupying 77% of the net rentable area, which is one of CWC’s largest locations and serves as its headquarters in a long-term lease and serves as their headquarters. CWC is the largest private OB/GYN practice in the mid-Atlantic and operates over 75 locations in Maryland, Virginia, and Washington, D.C. and consists of more than 250 physicians, nurse practitioners, physician’s assistants, and certified nurse midwives. Unified Women’s Healthcare is the largest provider practice of women’s health in the United States and Canada, operating more than 815 locations through 21 affiliated practices, and serving more than 3 million patients annually. Other tenancy includes Clearway Pain Solutions and Children’s National Hospital (Fitch ‘A+’).
“Capital Women’s Care has demonstrated its long-term commitment to the property and the community by signing a new lease at Trilogy Medical Center,” said Brannan Knott, CBRE’s Executive Vice President of the U.S. Healthcare Capital Markets practice. “Remedy Medical Properties made a sound investment decision to acquire a high-quality medical facility anchored by reputable tenants with over 11 years of WALT.”
Conveniently located off U.S. Route 40 and less than 3 miles from the Interstate I-70 exchange, Trilogy Medical Center benefits from strong healthcare demographics in the Hagerstown MSA’s demonstrated by above average population growth as the fastest growing metropolitan in the state historically and projected to be 3.6% over the next 5-years coupled with a low cost of living evidenced by a median home value of $302,261. The property is also located in the heart of Hagerstown’s medical corridor, distinguished by the presence of Meritus Medical Center, a full service, acute care hospital equipped with a Level III trauma center and a primary stroke center, along with numerous specialty providers in the immediate area creating a robust referral network.
The purchaser, Remedy Medical Properties, is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 44 states.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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