Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of Maryland Trade Center III, a 192,000-square-foot medical office building located in Greenbelt, Maryland. The property was purchased for $27.5 million.
“Maryland Trade Center III is a multi-tenant medical building that is approximately 75% leased and anchored by Luminis Health, which selected the property for its recent outpatient expansion,” said Robert Filley, IPA Senior Managing Director. Filley and Chez Eider, Senior Director of Investments at Marcus & Millichap, represented the seller, Greenbelt Trade Center LLC, and also secured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders. Brian Hosey, Marcus & Millichap’s broker of record in Maryland, participated in the transaction.
The property is located adjacent to the Greenway Center shopping mall and benefits from proximity to major transportation routes including the Baltimore-Washington Parkway, Interstate 95, and Interstate 495. It is also near major institutions such as the University of Maryland, College Park, NASA Goddard Space Flight Center, and Bowie State University.
Originally constructed in 1989, Maryland Trade Center III has undergone significant upgrades in recent years, including a new lobby and system enhancements.
