ROCKVILLE, MD—The Broe Group has acquired 9601 Blackwell Rd. with plans to reposition it as a medical office. A source tells GlobeSt.com that the Denver-based affiliate acquired the property for $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 campus and located within the Shady Grove Life Sciences Center—hence Broe Group's strategy to reposition it as a medical office property. Chuck Feitel and Leonard Brown with Health-Pro Realty Group have been tapped to lease the building. Avison Young's Donna Kay will manage the asset.
The company sees great upside in its new acquisition. "We believe this building is a hidden gem in the marketplace with an irreplaceable location and beautiful Class A finishes that will allow us to attract quality medical tenants to the community," Jim Crawford, vice president of acquisitions at Broe Real Estate, says in a prepared statement. Feitel notes there is pent up demand for medical space in the immediate area.
Broe has owned more than 50 medical office buildings across the country, totaling more than 2.5 million square feet.
Broe Real Estate is planning a capital upgrade of the property.
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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.
