Hammes Partners Buys Brandywine Medical Office Building

BRANDYWINE, MD—Hammes Partners of Milwaukee has acquired a nearly full-leased medical office building here from Potomac, MD-based Foulger-Pratt for $20.6 million.

Commercial brokerage firm Avison Young, which represented Foulger-Pratt in the transaction, reports that the medical office building, completed in 2016, is approximately 92% leased to 10 tenants including Johns Hopkins and Physician Reliance.

The tenancy of the 61,614-square-foot building at 7704 Matapeake Business Drive is a mix of primary care and outpatient-oriented specialists such as cardiologists, oncologists and hematologists.

The Avison Young team was led by Jim Kornick and included fellow principals Chip Ryan, Mike Wilson and Erik Foster; EVP Mark Johnson, and VP Georgiana Condoiu, all members of Avison Young’s national medical office sales group.

“Brandywine Crossing is the highest quality medical office building in the market, offering an excellent tenant mix, a convenient retail location and phenomenal demographics in an affluent Washington, DC suburb,” Avison Young’s Kornick says. “This was a superb opportunity to acquire a stable Class A off-campus medical office building. Demand for such core medical office continues to far outstrip supply.”

The three-story medical office building is located within Brandywine Crossing, a 230,925-square-foot shopping center featuring a Safeway, Costco, Target, Xscape Theaters and CarMax. The Brandywine market is supported by strong demographics that boast an income of more than $100,000 per household. Avison Young notes that approximately 58,000 people live within a five-mile radius of the building, with that number expected to grow due to significant residential developments planned in the surrounding area.

Earlier this year, Hammes Partners made headlines when it sold a nearly 979,000-square-foot medical office portfolio in nine states for $400 million to Welltower.