Baltimore – March 5, 2010 – Cassidy Turley’s Baltimore Investment Team recently completed the sale of two medical office buildings. Pine Heights Medical Center at 1001 Pine Heights Drive in Baltimore, MD sold for $2.7 million on January 12, 2010 and St. Agnes Healthcare Center at 700 Geipe Road in Catonsville, MD sold for $10.4 million on February 25, 2010.
Pine Heights Medical Center is a 29,500-square-foot building located on the campus of St. Agnes Medical Center. The building was +/- 90% occupied at the time of sale and was purchased by Bien/Paul Ventures. Jonathan Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley represented the seller, Warwick Properties.
St. Agnes Healthcare Center located at the intersection of Route 40 and Rolling Road, is an 88,000-square-foot building that was 94% occupied at the time of sale. St. Agnes Hospital leases +/- 50% of the building. The building was purchased by JAG Associates, LLC, a private investment group out of Northern Virginia. Jonathan Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley represented the seller, Lord Baltimore Properties.
“These sale transactions demonstrate the attractiveness of the medical office sector and medical office buildings (MOBs) in particular. The stability of the tenant base and the strength of Baltimore’s Healthcare industry combined create a very compelling investment opportunity,” said Jonathan Carpenter, a Senior Vice President with Cassidy Turley.
About Cassidy Turley
Cassidy Turley is one of the largest commercial real estate services providers in the U.S., with 420 million square feet of managed space in 57 locations and $16 billion in completed transactions for 2008. The firms comprising Cassidy Turley include Cassidy & Pinkard Colliers in Washington, DC, Colliers Turley Martin Tucker in the Midwest, Colliers ABR in New York City and Colliers Pinkard in Baltimore, Charlotte and Raleigh, along with the addition of BT Commercial and CPS in Northern California (formerly affiliated with NAI and CORFAC, respectively), BRE Commercial in Southern California and Phoenix (both formerly affiliated with Grubb & Ellis) and Colliers Houston & Co. of New Jersey. Collectively, the Cassidy Turley firms have over 360 shareholders. Through its team of experienced service professionals, Cassidy Turley focuses on the needs of its clients, offering end-to-end services delivered across a full spectrum of commercial real estate including Capital Markets, Corporate Services (which supports more than 22,000 locations), Landlord and Tenant Representation and Property and Project Management. The firm also offers specialty services and industry focused practice groups as well as first class market research. In addition, Cassidy Turley is a leader in assisting clients to create more sustainable workplace environments.