Heritage Partners Sells Build-to-Suit Medical Facility in Metro D.C. for $39.3M

GLENARDEN, MD. — Heritage Partners has sold Children’s National Prince George’s County, a 60,000-square-foot medical outpatient facility situated within Woodmore Towne Centre in Glenarden. The Annapolis, Md.-based developer sold the newly constructed property to Municipal Acquisitions for $39.3 million, and Municipal Acquisitions has subsequently restructured the lease with the tenant. The deal allows Children’s National Hospital, a Washington, D.C.-based healthcare system, to transition from a tenant under a triple-net-lease to the owner of the building and the land. Municipal Acquisitions and Children’s National financed the acquisition using tax-exempt and taxable bonds. The three-story, build-to-suit property opened in July and houses a pediatric ambulatory surgery center and space for pediatric clinics and offices. Jonathan Hipp of Avison Young brokered the deal.