Thomas Park Pays $70M for MOB Portfolio
Transwestern arranged the deal.
Thomas Park Investments has acquired a four-property medical office portfolio for $70 million. Stewart Investment Properties sold the properties in a transaction arranged by Transwestern.
Totaling 165,637 square feet, the assets are located in Washington, D.C., McLean, Va. and Easton, Md.
The properties in McLean are at 1420 Beverly Road and 6849 Old Dominion Drive. The first one is dubbed MedStar Health Medical Center, a 47,185-square-foot building completed in 1985. Renovated in 2022, the property is currently entirely leased, featuring a tenant roster anchored by MedStar Health.
The second one is the largest in the four-property portfolio, measuring 69,330 square feet. Completed in 1974 and renovated in 2022 as well, the facility was 89 percent leased at the time of the sale, having Johns Hopkins Medicine as its anchor tenant.
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The Washington, D.C., property is Children’s National at Takoma Theatre. The 24,140-square-foot specialized outpatient medical building is at 6833 Fourth St. NW, Washington, D.C. It was originally completed in 1923 serving as a movie theater and was renovated in 2017.
The fourth building in the portfolio is Luminis Health Easton Pavilion, a 24,982-square-foot Class A medical outpatient facility located at 28438 Marlboro Ave., in Easton, Md. Built specifically for Luminis Health in 2019, the property is entirely leased to the investment-grade health system.
Transwestern Executive Vice Presidents Gerry Trainor and Rowan Miller, together with Managing Director Jim Cardellicchio, represented the seller in the deal with Thomas Park. Earlier this summer, Transwestern has expanded its brokerage and property management platform after the acquisition of Forte Real Estate Partners, a Twin Cities-based health-care, office and industrial real estate brokerage and property services firm.
Recent MOB deals on the East Coast
Recent medical office building deals on the East Coast include this week’s sale of a four-property, 4 million-square foot portfolio in New York, New Jersey and Connecticut. A joint venture comprising Lincoln Property Co., Saber-Hightower and Waterfall Asset Management paid $450 million to National Resources for the portfolio, which comprises a mix of medical office, industrial and mixed-use properties, as well as development sites for multifamily communities.
Last month, Healthcare Realty purchased a 106,092-square-foot medical office building in Greenwich, Conn., namely Greenwich Medical Center at Holly Hill, for $65 million. Benedict Realty Group was the seller.
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