Avison Young recently announced the closing (sale) of Doctors Medical Park, a three-building outpatient clinical park on behalf of the seller, Medical Center Associates, LLLP. The 90,076-square-foot (sf) property was acquired for $15,250,000 by an affiliate of Blue Arch Capital. The clinical park includes 10301 Georgia Avenue, 2101 Medical Park Drive and 2121 Medical Park Center in Silver Spring.
Per Avison Young: The 90,076-sf sits on 4.62 acres in Silver Spring, MD just one mile north of the Capital Beltway and from Holy Cross Hospital. Built in the 1980s, this value-add opportunity is anchored by strong tenants including Community Radiology Associates, Fresenius, Capital Women’s Care, and The Ladas Eye Group.
Medical Center Associates was represented by the Avison Young team of Jim Kornick, Mike Wilson, and Joe French. “This sale demonstrates that investors and lenders recognize the strength of the performance of medical outpatient buildings in contrast with the challenges faced by other sectors, such as office,” said Kornick, Principal, and co-lead for the firm’s U.S. Capital Markets Healthcare team.
“The Avison Young team were our trusted advisors, not just brokers. Their honest and creative advice, in addition to their responsiveness, was the key to our success,” said Melanie Bernstein, partner Medical Center Associates, LLLP. Having been long term holders, the seller was family to the original developers of the asset.
Josh Friedman, Partner at Blue Arch Capital, and head of the group’s healthcare real estate platform, commented, “We are thrilled to acquire Doctors Medical Park, which boasts a fantastic location and the most abundant parking in the market. Our plan is to implement a value-add program, investing significant capital to upgrade the buildings and realize the property’s full potential. We were pleased to work with Avison Young on this transaction and appreciate their hard work in helping us successfully close the deal.”
Avison Young arranged the acquisition financing on Behalf of Blue Arch. The team was led by Jon Goldstein, Principal, alongside Michael Yavinsky and Wes Boatwright.
“We received several competitive proposals for the financing, despite the challenging debt environment. Lenders were attracted to this opportunity due to the excellent location of the assets, strong sponsorship, and diverse tenant roster. A life insurance company provided the financing with exceptional terms,” said Goldstein.