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Marcus & Millichap Arranges $5M Sale of MD Medical Office
Marcus & Millichap announced the sale of Northbay Professional Pavilion, a medical office property in Elkton, Md., for $4.5 million. The property, originally developed in 2008, sold for $228.94 per square foot.
The sellers, a group of eye doctors within the building, were represented by Jacob Haslach and Derrick Dougherty of Marcus & Millichap’s Philadelphia office. They procured the buyer, Community Healthcare Trust, with assistance from Brian Hosey, Broker of Record in Maryland. “This asset was very attractive to the investment community because of the building’s great condition, the value-add components and the rent roll had long-term tenants with clean leases,” said Haslach.
Northbay Professional Pavilion has six total suites, with five currently occupied by a mix of service providers including eyecare, orthopedics, and a surgery center. The property, located at 360 E. Pulaski Hwy., sits on two acres with 19,656 rentable square feet and is within five miles of Christina Care Union Hospital.
- ◦Sale/Acquisition
