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.