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An aerial view of MedStar Montgomery Medical Center. (Provided by Cushman & Wakefield)
2 MedStar Montgomery Medical Center buildings sold to Annapolis firm
Listen to this articleMedStar Montgomery Medical Center I and II, a two-building, 127,868-square-foot campus in Olney, has been purchased by Thomas Park Investments LLC, a healthcare-focused commercial real estate investment firm.
Chicago-based Cushman & Wakefield, a global real estate services firm, announced Tuesday it brokered the sale of the Montgomery County medical office portfolio. Thomas Park Investments, headquartered in Annapolis, bought the property from MedStar Health Inc.
The portfolio comprises Building I, located at 18111 Prince Phillip Drive, which spans 70,645 square feet that was constructed in 1974 and renovated in 2000. The adjacent Building II at 18109 Prince Phillip Drive is 57,223 square feet and was purpose-built in 2000.
“This health system monetization represented a very sought-after but rarely offered opportunity for investors,” Cushman & Wakefield Executive Director Gino Lollio said in a statement.
“Given the affluent demographics, on-campus location and core service-line utilization by a dominant health system, this portfolio stood out as a rare acquisition and a true cornerstone healthcare asset.”
The properties are primarily occupied by MedStar Health-affiliated services and practices, which specializes in imaging, orthopedics, pediatrics, rheumatology and rehabilitation, according to a news release.
The health system operates 10 hospitals in Maryland and Washington, D.C., and runs 33 urgent care centers.
Correction: A previous headline on this article incorrectly implied that the entire hospital had been sold. The Daily Record regrets the error.
