Avison Young, a leading commercial real estate firm, has successfully facilitated the sale of Doctors Medical Park in Silver Spring, MD. The three-building outpatient clinical park was acquired for $15.25 million by an affiliate of Blue Arch Capital.
The 90,076-square-foot property is situated near Holy Cross Hospital and boasts notable tenants such as Community Radiology Associates and Fresenius. Avison Young’s team of Jim Kornick, Mike Wilson, and Joe French represented the seller – Medical Center Associates – while also securing acquisition financing on behalf of Blue Arch with assistance from Jon Goldstein, Michael Yavinsky and Wes Boatwright.
According to Kornick: “This transaction highlights the resilience of medical outpatient buildings despite challenges faced by other sectors.” He further added that they received multiple competitive proposals for financing despite a difficult debt environment. Goldstein echoed this sentiment stating that lenders were attracted to this opportunity due to its prime location, strong sponsorship and diverse tenant mix. The acquisition was financed by a life insurance company at exceptional terms.
In conclusion,Avison Young’s successful facilitation demonstrates their expertise in navigating complex transactions within the healthcare sector.
