{"id":1004602707,"date":"2022-09-15T05:51:13","date_gmt":"2022-09-15T13:51:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004602707"},"modified":"2023-03-22T22:48:09","modified_gmt":"2023-03-23T06:48:09","slug":"heitman-pays-47m-for-2-dc-area-mobs","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/","title":{"rendered":"Heitman Pays $47M for 2 DC-Area MOBs"},"content":{"rendered":"
\"\"<\/a>

Shady Grove Professional Centers. Image courtesy of JLL Capital Markets<\/p><\/div>\n

An affiliate of Heitman<\/strong> has acquired a pair of medical office buildings in Rockville, Md., for $46.8 million, Montgomery County records shows. A joint venture of MedProperties<\/strong> and Anchor Health Properties<\/strong> sold Shady Grove Professional Centers I and II, totaling 103,249 square feet.<\/p>\n

JLL Capital Markets<\/strong> brokered the deal for the seller. The buildings last traded in 2018 for $31 million, according to CommercialEdge data.<\/p>\n

Completed in 1999, Shady Grove Professional Center I is a 51,191-square-foot, four-story building and includes an on-site pharmacy. The property has 13,396-square-foot floorplates and offers 220 parking spots at a ratio of 4.3 spaces per 1,000 square feet. The second, 52,300-square-foot building, was completed in 2002 and rises four stories. It has 13,075-square-foot floorplates and offers 173 parking spots at a ratio of 3.3 spaces per 1,000 square feet.<\/p>\n

\n

READ ALSO:<\/strong> Health-Care Real Estate\u2019s Positive Prognosis<\/a><\/p>\n

\n

At the time of the current deal, the asset was 87 percent leased. Anchor tenants include Capital Digestive Care, Johns Hopkins and independent physician groups. Both facilities offer a total of 15 medical specialties, as well as ambulatory surgery centers with 18 operating and procedure rooms.<\/p>\n

Located at 15001 and 15005 Shady Grove Road, the properties are 20 miles from Washington, D.C. and 43 miles from Baltimore. The medical offices are adjacent to the Adventist Healthcare Shady Grove Medical Center, while the Johns Hopkins University-Montgomery County campus is within walking distance.<\/p>\n

The JLL Capital Markets<\/strong> team included Managing Director Brannan Knott, Senior Managing Director Mindy Berman, Directors Dave Baker and Anthony Sardo, along with Senior Director Chris Hew and Associate Landon Weaver. Senior Managing Director Amanda Davis and Senior Vice President JG Cahill provided leasing support.<\/p>\n

Low-risk medical office sector<\/h2>\n

The medical office market has shown resilience through a global health crisis and the current economic landscape. The market saw a transaction volume<\/a> of more than $2.9 billion in the second quarter of 2022, despite a 10.4 percent decrease from the second quarter of 2021, according to a report by Brown Gibbons Lang & Co. Despite the downtick in deal volume, the average price per square foot jumped 20 percent since the second quarter of last year.<\/p>\n

Some of the biggest medical office deals of the second quarter within the D.C. metro included Global Medical REIT acquiring Prosperity Plaza, a 96,070-square-foot Class B building<\/a> in Fairfax, Va., for $21 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The properties previously traded for $31 million.<\/p>\n","protected":false},"author":2829,"featured_media":1004602708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,11,21742,1615],"tags":[36946,33276,44006,50329],"class_list":["post-1004602707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-midatlantic","category-latest","category-washington-dc","tag-anchor-health-properties","tag-heitman","tag-jll-capital-markets","tag-medproperties-group"],"acf":[],"yoast_head":"\nHeitman Pays $47M for 2 DC-Area MOBs - CPE<\/title>\n<meta name=\"description\" content=\"Heitman paid $46.8 million for Shady Grove Professional Centers, a 103,249-square-foot medical office property, in Rockville, Md.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heitman Pays $47M for 2 DC-Area MOBs\" \/>\n<meta property=\"og:description\" content=\"Heitman paid $46.8 million for Shady Grove Professional Centers, a 103,249-square-foot medical office property, in Rockville, Md.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-15T13:51:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-23T06:48:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Shady-Grove-Professional-Centers-Email-e1663150012992.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"807\" \/>\n\t<meta property=\"og:image:height\" content=\"605\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/\",\"name\":\"Heitman Pays $47M for 2 DC-Area MOBs - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Shady-Grove-Professional-Centers-Email-e1663150012992.jpg\",\"datePublished\":\"2022-09-15T13:51:13+00:00\",\"dateModified\":\"2023-03-23T06:48:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Heitman paid $46.8 million for Shady Grove Professional Centers, a 103,249-square-foot medical office property, in Rockville, Md.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/heitman-pays-47m-for-2-dc-area-mobs\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Shady-Grove-Professional-Centers-Email-e1663150012992.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Shady-Grove-Professional-Centers-Email-e1663150012992.jpg\",\"width\":807,\"height\":605,\"caption\":\"Shady Grove Professional Centers. 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