Stan Johnson Company Brokers $2M Sale of Medical Facility in Frederick
Stan Johnson Company has completed the sale of a medical facility on Thomas Johnson Drive in Frederick, MD for approximately $2.4 million. The 10,000-square-foot property is leased to Maryland Vision Institute.
Stan Johnson Company’s Asher Wenig represented the buyer, an individual investor based in New York. The seller was a local partnership.
“In a 1031 exchange, my client purchased this asset at a healthy yield with strong escalations, below market rent and with a value-add component, as 5,000 square feet is currently not being utilized by the tenant,” said Wenig, senior director and partner in Stan Johnson Company’s New York office. “Medical retail/office is a high-demand sector and will continue to garner interest from investors due to community demand and e-commerce resistance.”
The property is situated on nearly 1.1 acres and underwent a major renovation in 2016 to accommodate the medical practice.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.