New Prince George's County Health Center Sells For $39M
Children's National Health System has acquired the new facility it opened in Prince George's County this summer.
Heritage Partners, which developed the health center at the Woodmore Towne Centre retail complex, sold it in a $39M, three-party transaction that resulted in Children's National taking ownership of the property.
Municipal Acquisitions was also involved in the deal, which allowed Children's National to transition from leasing the building to owning it. Avison Young's Jonathan Hipp brokered the deal.
Children's National opened the 60K SF facility July 22, two-and-a-half years after the project broke ground. The pediatric health center provides services including cardiology, neurology, hematology, allergy, and sports medicine and orthopedics. It also features an ambulatory surgery center that opened in mid-August.
“Children’s National Prince George’s County has brought families in the region greater access to a broad range of pediatric services, and we’re pleased to now be the landowner of this facility,” Children's National Executive Vice President and Chief Real Estate Officer Charles Weinstein said in a release.
The facility sits next to the Wegmans grocery store that anchors Woodmore Towne Centre. The shopping center also features a Costco, Best Buy, Nordstrom Rack, Party City and a host of smaller retailers.
While this project was already under construction when the pandemic began, Children's National has slowed down its real estate expansion plans because of the financial challenges the coronavirus has created. Weinstein said on a Bisnow webinar in May that Children's National is delaying some capital projects, and others will not happen because the health system has been losing millions of dollars during the crisis.
