Institutional Property Advisors brokers medical office asset sale in Suburban Washington DC

WASHINGTON, DC — Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced today the sale of Maryland Trade Center III, a 192,000 s/f class A medical office building in Greenbelt, MD. The property sold for $27.5 million.

“Maryland Trade Center III is a multi-tenant medical building that is approximately 75% leased and anchored by Luminis Health, which selected the property for its recent outpatient expansion,” said Robert Filley, IPA senior managing director. “The tower is a mile from Luminis Health’s half-million-square-foot hospital and long-term recovery center and is one of the largest medical office buildings to trade in the United States this year.” Filley and Chez Eider, Marcus & Millichap senior director investments, represented the seller, Greenbelt Trade Center LLC, and procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders in association with Brian Hosey, Marcus & Millichap’s broker of record in Maryland. “This transaction demonstrates the advantage of combining targeted local knowledge with a coordinated national capital strategy,” said Eider. “By assembling the right team and accessing relationships across the country, we attracted interest from both institutional and private buyers and created a competitive process that delivered maximum value for the seller.” Lindsay Stroud, senior managing director with IPA Capital Markets, provided debt advisory services and said: “The property has a clear path to stabilization given Luminis’ continued interest in expansion and strong interest from the market.”

“As owners of high-quality office assets, we knew this sale demanded the right strategy and execution for this trophy medical office,” said Joel Waldman of Greenbelt Trade Center LLC. “Bob, Chez, and their teams brought exceptional professionalism and market knowledge to every stage of this complex transaction, delivering an outstanding result for our partnership.”

The property is adjacent to the Greenway Center shopping mall, close to the Baltimore-Washington Parkway, I-95, and I-495. The University of Maryland, College Park, NASA Goddard Space Flight Center, and Bowie State University are nearby.

Completed in 1989, Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades. In addition to Luminis Health and Greenbelt Oncology, tenants include Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology, and Health First Medical Group. The building’s amenities include a two-story atrium lobby, a tenant-only fitness center, and a daycare facility.