Children’s National Moves from Tenant to Owner in $39M Health Facility Acquisition
Heritage Partners has sold Children’s National Prince George’s County at Woodmore Towne Center, a 60,000-square-foot regional outpatient facility in Lanham, Md., for $39.3 million.
Children’s National Health System, which was leasing the property, acquired the facility in a three-party deal that also included Municipal Acquisitions. Jonathan Hipp, a principal at Avison Young, brokered the deal.
“As a property owner, we can make a more permanent commitment to Maryland’s Prince George’s County and, hopefully, reap the benefits of ownership as opposed to a transient leasing environment,” Charles Weinstein, executive vice president and chief real estate officer for Children’s National Hospital, told Commercial Observer.
Mike Moss, managing director of investments for Municipal Acquisitions, explained the three-party deal that resulted in Children’s National now owning the property.
“Municipal Acquisitions financed the acquisition of the facility, restructured the original lease, and entered into an agreement with Children’s National to provide eventual lien-free ownership and reduced occupancy costs,” he told CO.
The pediatric health center, which opened this summer, provides services including cardiology, neurology, hematology, allergy, and sports medicine and orthopedics.
“Children’s National Hospital is always looking for ways to ensure kids and their families can easily and conveniently access the highest-quality pediatric care,” Weinstein said. “The new comprehensive pediatric outpatient and specialty care center provides families in Prince George’s County greater access to a broad range of services including: cardiology, neurology, hematology, allergy, and sports medicine and orthopaedics. Additionally, families will have easier access to care for infusions, transfusions, MRIs and outpatient surgery.”
Located at 2900 Campus Way North, the facility is situated next to the Wegmans grocery store that anchors Woodmore Towne Centre. The center also includes a Costco, Best Buy and Party City.