Medical Office Portfolio Changes Hands in Hot Frederick Market
- Aug 27, 2015
Avison Young brokered the sale of a two-building medical-office portfolio in Frederick. CNL Healthcare Corp. purchased the two properties from a local developer, Ausherman Development Corp., for $24.3 million. Principals Jim Kornick and Chip Ryan, both of Avison Young’s Washington, D.C., office and specializing in healthcare-related real estate and medical office buildings, represented the seller in the transaction. The announcement was made by Principal Josh Peyton, who was recently named managing director of Avison Young’s Washington, D.C., office.
“The strength of the tenants and the attractive demographics of the Washington, D.C., suburb of Frederick made the assets attractive to all national core medical office investors,” Kornick said in a statement. “In the current hot medical office market, we were able to exceed our client’s expectations.”
The two Class A buildings are the Rose Hill Professional Center, at 194 Thomas Johnson Drive, and the Patriot Professional Center, at 45 Thomas Johnson Drive. Together, they offer a total of 82,348 square feet of space. The Rose Hill Professional Center was built in 2013 and is fully leased to Frederick Memorial Hospital. The Patriot Professional Center is a multi-tenant building anchored by Johns Hopkins Community Physicians and Frederick Surgery Center.
Photo credit: Ausherman Development Corp.