Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a medical facility located at 195 Thomas Johnson Drive in Frederick, Maryland. The 10,000-square-foot property is leased to Maryland Vision Institute. Northmarq’s Asher Wenig represented the buyer, an individual investor based in New York. The seller was a local partnership, and the property traded for approximately $2.4 million.
“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 Northmarq’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. Maryland Vision Institute is part of the Vision Innovation Partners network, a leading provider of ophthalmology services in the Mid-Atlantic region. The business will continue to benefit from its superb location just off the primary north/south thoroughfare in the area.