ROCKVILLE, MD—The Broe Group has acquired 9601 Blackwell Rd.with plans to reposition it as a medical office. A source tellsGlobeSt.com that the Denver-based affiliate acquired the propertyfor $16 million from special servicer LNR Partners.
The 120,000-square foot building, which is currently about 9%occupied, is adjacent to the Shady Grove Adventist Hospital campusand located within the Shady Grove Life Sciences Center—hence BroeGroup's strategy to reposition it as a medical office property.Chuck Feitel and Leonard Brown with Health-Pro Realty Group havebeen tapped to lease the building. Avison Young's Donna Kay willmanage the asset.
The company sees great upside in its new acquisition. "Webelieve this building is a hidden gem in the marketplace with anirreplaceable location and beautiful Class A finishes that willallow us to attract quality medical tenants to the community," JimCrawford, vice president of acquisitions at Broe Real Estate, saysin a prepared statement. Feitel notes there is pent up demand formedical space in the immediate area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
