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Blue Arch Capital acquires Doctors Medical Park, in Silver Spring, Maryland for $15.25 million
June 6, 2024Avison Young represented the seller in the disposition and arranged mortgage financing on behalf of the buyer
Washington, D.C. – Today Avison Young announced the closing of Doctors Medical Park, a three-building outpatient clinical park on behalf of the seller, Medical Center Associates, LLLP. The 90,076-square-foot (sf) property was acquired for $15,250,000 by an affiliate of Blue Arch Capital. The clinical park includes 10301 Georgia Avenue, 2101 Medical Park Drive and 2121 Medical Park Center.
Medical Center Associates was represented by the Avison Young team of Jim Kornick, Mike Wilson, and Joe French. “This sale demonstrates that investors and lenders recognize the strength of the performance of medical outpatient buildings in contrast with the challenges faced by other sectors, such as office,” said Kornick, Principal, and co-lead for the firm’s U.S. Capital Markets Healthcare team.
“The Avison Young team were our trusted advisors, not just brokers. Their honest and creative advice, in addition to their responsiveness, was the key to our success,” said Melanie Bernstein, partner Medical Center Associates, LLLP. Having been long term holders, the seller was family to the original developers of the asset.
Josh Friedman, Partner at Blue Arch Capital, and head of the group’s healthcare real estate platform, commented, “We are thrilled to acquire Doctors Medical Park, which boasts a fantastic location and the most abundant parking in the market. Our plan is to implement a value-add program, investing significant capital to upgrade the buildings and realize the property’s full potential. We were pleased to work with Avison Young on this transaction and appreciate their hard work in helping us successfully close the deal.”
Avison Young arranged the acquisition financing on Behalf of Blue Arch. The team was led by Jon Goldstein, Principal, alongside Michael Yavinsky and Wes Boatwright.
“We received several competitive proposals for the financing, despite the challenging debt environment. Lenders were attracted to this opportunity due to the excellent location of the assets, strong sponsorship, and diverse tenant roster. A life insurance company provided the financing with exceptional terms,” said Goldstein.
The 90,076-sf sits on 4.62 acres in Silver Spring, MD just one mile north of the Capital Beltway and from Holy Cross Hospital. Built in the 1980s, this value-add opportunity is anchored by strong tenants including Community Radiology Associates, Fresenius, Capital Women’s Care, and The Ladas Eye Group.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.
About Blue Arch Capital
Blue Arch Capital is a real estate private equity firm that acquires and operates core-plus and value-add properties in defensive asset classes throughout the United States. Blue Arch has over $4bn in assets under management and operates through discretionary funds, joint ventures, and separately managed accounts with institutional investors of all sizes.
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