Avison Young Brokers $24M MOB Sale

A joint-venture between Foulger-Pratt and a global real estate investment management firm sold the Class A asset in Silver Spring, Md., to Healthcare Realty in an off-market transaction.

1400 Forest Glen Road, Silver Spring, Md.
1400 Forest Glen Road, Silver Spring, Md.

Avison Young brokered the sale of Forest Glen, a 62,379-square-foot medical office building in Silver Spring, Md., on behalf of the buyer, Healthcare Realty. A joint-venture between Foulger-Pratt and a global real estate investment management firm sold the Class A asset for $24 million in an off-market transaction, according to Bisnow.

Hospital campus property

Located at 1400 Forest Glen Road on the campus of Holy Cross Hospital, just off Interstate 495, the propriety houses women’s health care providers, such as Maryland Perinatal Associates and Capital Women’s Care. The asset is six miles from the Walter Reed National Military Medical Center.

Avison Young Principals Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Executive Vice President of Health Care Services Mark Johnson executed the sale. The team represented the purchaser, for which this transaction is the second acquisition in the past year.

“This acquisition is a significant addition to our growing portfolio and exemplifies our strategy of acquiring core medical facilities on the campuses of market-leading health systems,” said Healthcare Realty Vice President Sushil Puria, in prepared remarks.

Image courtesy of Avison Young