Out-of-State Investor Buys Greater Baltimore Medical Office Building
- Jun 16, 2015
By Adrian Maties, Associate Editor
An out-of-state investor purchased a medical office building in Greater Baltimore this month. The Empire Medical Building, in Anne Arundel County, traded for $18.65 million.
Colliers International brokered the sale and represented the seller, Arundel Ventures. The company sold the medical office building to an affiliate of American Healthcare Investors. Irvine, California-based AHI specializes in the acquisition and management of healthcare-related real estate. It also hired Colliers to manage and lease the Empire Medical Building moving forward.
AHI’s new property was constructed in 1981, at 200 Hospital Drive, in Glen Burnie. The six-story building occupies a 2.95-acre site. It offers 75,718 square feet of space. According to PropertyShark, Arundel Ventures took ownership of the Empire Medical Building in 1982. The same real estate website says that the property’s current market value is about $12.7 million.
In a news release, Colliers said that Arundel Ventures received multiple offers for the building. The commercial real estate services firm explained that, prior to the sale, it worked to stabilize the property’s occupancy, in order to find a buyer. Colliers repositioned the building as one of the largest available medical spaces in Anne Arundel County and has attracted Chase Brexton Health Services. The addition of this new tenant brought the Empire Medical Building to near full occupancy, making it ready for sale.