BOWIE, MD-A medical office building has traded for $10.4 million and at a seven-and-quarter cap rate. The pricing, revealed to GlobeSt.com by NorthMarq’s Jim Kornick, is almost incidental, however: the big story is merely that a medical office building finally traded in the DC area. As any observer of this asset class knows, such deals lately have been few and far between.

The building in question is the three-story Anne Arundel Medical Center - Bowie Gateway in Bowie, MD. Guardian Realty Investors sold it, represented by Kornick, Matthew Clinebell and Chip Ryan. LaSalle Investment Management was the buyer of the 36,260-square-foot property, located at 4175 N. Hanson Court, paying in cash and assuming the building’s existing debt.
In an average year, there might be five medical office trades in the DC area, Kornick says. That is due to a limited supply, owners who are loathe to let go of reliable income-producing properties and high demand for the properties when they do come to market. In the last year, however, there have been even fewer than the typical handful. This trade, for example, was the first in the DC area, according to Kornick.

That, however, is poised to change, he says. He is currently working on a couple of medical office deals that he expects to close by the quarter’s end.