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IPA Brokers $28M MOB Sale in Suburban DC
Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale of Maryland Trade Center III, a 192,000-square-foot medical office building in Greenbelt, Maryland. The property sold 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, Marcus & Millichap senior director investments, represented the seller, Greenbelt Trade Center LLC, and procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders in association with Brian Hosey, Marcus & Millichap’s broker of record in Maryland.
The property is adjacent to the Greenway Center shopping mall, close to the Baltimore-Washington Parkway, Interstate 95, and Interstate 495. The University of Maryland, College Park, NASA Goddard Space Flight Center, and Bowie State University are nearby. Completed in 1989, Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades.
