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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1987
Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”), as the exclusive representative for the Owner, is pleased to present the offering of Omega Medical Center (the "Property"), a 77,511 RSF newly repositioned Class A medical office building, adjacent to the market leading Adventist Healthcare Shady Grove Medical Center in Rockville, Maryland. The Property is 76% leased to 9 tenants with over 6 years of weighted average remaining lease term. Omega Medical Center offers strong medical tenancy backed by attractive demographics in Shady Grove - average household incomes within a 5-mile radius of the Property are in excess of $150,000. The Property recently underwent a $1.9 MM repositioning, and over the course of 2020, had 3 medical tenants expand their premises. The asset offers attractive physical characteristics for immediate conversion of existing vacancy to lab, as well as go-forward conversion to lab as tenants' leases expire, in the heart of Shady Grove - the undisputed epicenter of Maryland's life sciences market.

 

Accordingly, Omega Medical Center is a rare and coveted opportunity to acquire a newly repositioned, Class A medical office building with stable, in-place cash flow and outstanding business plan optionality via growth of in-place medical tenants or lab conversion in the heart of Maryland's booming life sciences market.

Investment Highlights

  • 77,511 RSF, NEWLY REPOSITIONED CLASS A MEDICAL OFFICE BUILDING ADJACENT TO THE MARKET LEADING ADVENTIST HEALTHCARE SHADY GROVE MEDICAL CENTER


  • 76% LEASED TO 9 TENANTS WITHOVER 6 YEARS OF WEIGHTED AVERAGE REMAINING LEASE TERM


  • STRONG MEDICAL TENANCY BACKED BY ATTRACTIVE DEMOGRAPHICS: 5-MILE AVERAGE HOUSEHOLD INCOMES ARE IN EXCESS OF $150,000


  • GROWING TENANCY: 3 TENANTS EXPANDED OVER THE COURSE OF 2020 AND ANCHOR TENANT POTOMAC PEDIATRICS HAS EXPANDED 3 TIMES SINCE INITIAL OCCUPANCY IN 2012


  • NEWLY REPOSITIONED WITH $1.9 MM IN RECENT CAPITAL IMPROVEMENTS


  • LOCATED AT THE EPICENTER OF THE MARYLAND LIFE SCIENCES MARKET → OUTSTANDING PHYSICAL ATTRIBUTES FOR LAB CONVERSION

  • OUTSTANDING BUSINESS PLAN OPTIONALITY VIA CONTINUED GROWTH OF MEDICAL TENANCY AND/OR LAB CONVERSION


  • FREE & CLEAR OF EXISTING DEBT
Last Updated Date: 24 Feb 2021
David Baker
David Baker
Director, Capital Markets
License details
DC-SP98379962 MD-645831 VA-0225228839
Brannan Knott
Brannan Knott
Senior Director, Capital Markets

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Last Updated Date: 24 Feb 2021

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