News Item - Washington, DC Metro
Avison Young Brokers Sale of Three Premier Medical Office Buildings in Frederick, MDOctober 27, 2021
Washington, DC — Avison Young today announced that it has negotiated the sale of the Aspen Ridge Medical Office Portfolio, three medical office buildings in the fast-growing, affluent Washington suburb of Frederick, MD.
BentallGreenOak purchased the 91,220-square-foot portfolio for an undisclosed price from Ausherman Properties.
Representing the seller was an Avison Young team led by Jim Kornick and Mike Wilson, Principals and co-leaders of the firm’s US Healthcare Capital Markets practice; and Erik Foster, Principal and Head of the firm’s Industrial Capital Markets practice.
“Competition for the property exceeded our expectations,” Kornick said. “The quality of the buildings, the strength of the tenants and the attractive demographics of affluent, fast-growing Frederick appealed to every kind of investor — institutional and private.”
Aspen Ridge consists of two one-story medical office buildings, one completed in 2014 and the other in 2015, and a two-story medical office building built in 2017.
The buildings range in size from 21,264 sf to 47,727 sf. They are 92% leased to 16 tenants, including Johns Hopkins, Frederick Health, MedStar, Quest, LabCorp, and Fresenius.
The offices are located within “Doctors Row” on Thomas Johnson Drive, where many of Frederick County’s physician offices are clustered. The offices are convenient to the City of Frederick as well as the rest of Frederick County via nearby U.S. Route 15.
The buildings are situated together at 161, 163 and 165 Thomas Jefferson Drive in Frederick, just 50 miles northwest of Washington. Located close by are the Frederick Health’s outpatient services campus, the James M. Stockman Cancer Center, the Frederick Health Hospital and the planned Frederick Health Village.
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 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
Jim Kornick, Principal: [email protected] +1.202.644.8681