Rare Sale of On-Campus Medical Office Building Attracts Strong Interest from Institutional Investors

Cassidy Turley Represents Building Ownership

Published on December 12, 2012

BALTIMORE – Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced the sale in the leasehold interest in 4 floors of the Johnston Professional Building, totaling 79,360 square feet.  The 8-story Johnston Professional Building is located at 3333 North Calvert Street, on the campus of Medstar Union Memorial Hospital in Baltimore, Maryland.  The first four floors of the building are owned and occupied by the hospital, with the top four floors subject to a long term air rights lease.   The leasehold property is fully occupied with tenants that include MedStar Union Memorial Hospital and Greater Chesapeake Orthopedic Associates.  Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley’s Capital Markets Group, along with Cassidy Turley’s Douglas Brinkley, represented the seller, Johnston Professional Limited Partnership.  New York-based Promed Acquisition, Inc. purchased the property for $21,750,000.

“This was a complicated transaction with many moving parts that included modifications to the underlying tenant leases, easements and air rights lease,” commented Jay Wellschlager, Senior Vice President and Principal at Cassidy Turley.  “Despite the transaction complexity, the investment opportunity attracted strong interest from national medical office buyers drawn to the asset’s quality, stability and location on top of a major regional healthcare system’s hospital. The sale is a testament to the overall health of the medical property market, which held much of its value during the downturn and still remains a favored asset class in today’s capital markets.”

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.comfor more information about Cassidy Turley.

Rebecca Murphy

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