SILVER SPRING, MD–Healthcare Realty Trust has closed on the second-half of a two part deal that began last year with its purchase of Inova Loudoun II for $45 million. The second half of this transaction is a 62,379-square foot medical office building in Forest Glen located on the campus of Holy Cross Hospital at 1400 Forest Glen Rd.

It traded for $24 million.

The sellers of the two properties are Foulger-Pratt and Prudential Real Estate, which recapitalized Foulger-Pratt's medical office portfolio some five years ago.

This two-part deal was an off market trade with Healthcare Realty approaching the buyers, Avison Young's Jim Kornick tells GlobeSt.com. Kornick, along with Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson represented Healthcare Realty in the deal.

Read Why Healthcare Realty Was So Motivated to Buy Inova Loudoun II for $45M

The buyers accepted the offer instead of taking it to market “because the price Healthcare offered was greater than what the buyers thought they could get in the market,” Kornick says.

The truism about off-market sales applies especially well to medical office sales these days, he adds. “Buying off market doesn't mean you get something for less; it means you get to buy the building.”

The acquisition exemplifies Healthcare Realty's strategy of acquiring core medical facilities on the campuses of market-leading health systems, Vice-President Sushil Puria said in a prepared statement.

There will be a third sale by Foulger Pratt and Prudential closing within a week but to a different buyer. This transaction has been marketed.

Save

Instant Insights /

Healthcare Realty Buys Forest Glen Medical Office In Two-Part Deal

Related Stories

Recommended For You