ROCKVILLE, MD-Shady Grove Medical Village II, a property offering 66,000 sf of space designed for medical facility and office use, has gotten a new owner now that Washington Real Estate Investment Trust has taken the property off the hands of Shady Grove Medical II LLC for $18.5 million.

The purchase cost includes the assumption of an existing debt in the amount of $10.1 million. According to Montgomery County records, the property has a FY2005 assessed value of $12.7 million.

Developed five years ago by a partnership involving Atlantic Realty and Foulger-Pratt Construction, Shady Grove II occupies a 4.5-acre parcel on Physicians Lane near where Key West Ave. and Darnestown Rd. meet. Today, the four-story structure is leased to maximum capacity, with Children’s Hospital as the lead tenant. For locally based WRIT, the acquisition of Shady Grove II increases the size of the REIT’s medical office portfolio to six properties, and marks its entrée into Maryland’s medical office property market.

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