Marcus & Millichap : Arranges $4.5 Million Sale of Medical Office Property in Maryland

ELKTON, Md., April 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Northbay Professional Pavilion, a medical office property located in Elkton, Md. The property sold for $4,500,000, or $228.94 per square foot.

"Northbay Professional Pavillion was originally developed in 2008 by the sellers," says Jacob Haslach, associate. "This asset was very attractive to the investment community because of the building's great condition, the value-add components and the rent roll had long-term tenants with clean leases."

Haslach and Derrick Dougherty, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a group of eye doctors within the building, and procured the buyer, Community Healthcare Trust. Brian Hosey, Broker of Record in Maryland, assisted in closing the transaction.

"Our company's platform and team's database were custom built to help with the disposition of this asset type," states Dougherty, senior vice president investments. "Our marketing process resulted in buyers submitting offers on a local, regional and national level."

Located at 360 E. Pulaski Hwy., Northbay Professional Pavilion has six total suites, five of which are currently occupied by a mix of service providers including eyecare, orthopedics, spine center and surgery center. Built in 2008, the property sits on two acres with 19,656 rentable square feet. The medical office is within five miles of Christina Care Union Hospital with direct access and visible signage from U.S. Route 40.

"Thank you to all parties involved for their contributions to a successful transaction. I would like to acknowledge the sellers for being extremely responsive throughout the due diligence process," says Haslach. "We would also like to thank the buyers, especially Brian Pyfferoen for his professionalism throughout the process. This transaction highlights that transactions are getting done when all parties involved are motivated."