Heritage Partners Sells Children’s National Outpatient Facility
Avison Young brokered the $39 million sale of Children’s National Prince George’s County at Woodmore Towne Center in Glenarden, MD.
GLENARDEN, MD – Full-service real estate development firm, Heritage Partners has sold Children’s National Prince George’s County at Woodmore Towne Center to Municipal Acquisitions for $39.3 million.
The 60,000-square-foot regional outpatient facility, located in Glenarden, MD, is a build-to-suit, three-story building, which houses a pediatric ambulatory surgery center and additionally includes space for pediatric medical offices.
Children’s National Prince George’s County serves as the largest regional outpatient facility within the health system’s portfolio.
Avison Young principal and head of the US net lease group, Jonathan Hipp represented the seller in the transaction. Navigating both sides of the deal and working around the credit tenant lease financing, Hipp brokered the sale utilizing a complex structure that enables Children’s National to transition from a leasing arrangement to ownership of the newly constructed building, as well as its underlying real estate.
“Jonathan Hipp of Avison Young arranged both the initial debt financing at the start of the project and brought a highly-qualified buyer to take us out once the facility opened,” states Terry Richardson, CEO of Heritage Partners. “We had a strategy from the very beginning and Jon executed that plan flawlessly.”
The buyer, Municipal Acquisitions restructured the original lease with Children’s National to provide economic benefits, such as eventual lien-free ownership and lower overall occupancy costs.