September 14, 2020
Municipal Acquisitions has purchased Children’s National Prince George’s County at Woodmore Towne Centre, a 60,000-square-foot medical facility in Glenarden, MD. The sales price was $39.3 million.
Children’s National opened the facility pursuant to a triple net lease in July. An affiliate of Heritage Partners was both developer and landlord for the project. The regional outpatient facility is a build-to-suit three-story building. Municipal Acquisitions restructured the original lease with Children’s National, providing substantial economic benefits, including eventual lien-free ownership and lower overall occupancy costs.
“Our team at Municipal Acquisitions is pleased to have the opportunity to create this structure to provide Children’s National with flexibility and value in the ownership of the property and the land on which it is located,” said Jon Kling, CEO at Municipal Acquisitions.
Jonathan Hipp of Avison Young brokered the transaction.
For comments, questions or concerns, please contact David Cohen