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Avison Young Brokers Sale of Children’s National Prince George’s County at Woodmore Town Center

Jonathan Hipp, Avison Young Principal and Head of the U.S. Net Lease Group, today announced the sale of Children’s National Prince George’s County at Woodmore Towne Center in Glenarden, Maryland to Municipal Acquisitions.

On behalf of Heritage Partners, a national full-service real estate development firm based in the Mid-Atlantic, Hipp brokered the $39.3 million sale using a complex structure that allows Children’s National to transition from a leasing arrangement to ownership of both the newly constructed building and its underlying real estate.

Hipp navigated both sides through the complex transaction and found a creative solution to work around the credit tenant lease (CTL) financing involved. “Jonathan Hipp of Avison Young arranged both the initial debt financing at the start of the project and brought a highly-qualified buyer to take us out once the facility opened. We had a strategy from the very beginning and Jon executed that plan flawlessly,” said Terry Richardson, CEO of Heritage Partners.

The regional outpatient facility is a build-to-suit three-story building with approximately 60,000 gross square feet that houses a pediatric ambulatory surgery center and includes space for pediatric medical offices. Children’s National Prince George’s County is the largest regional outpatient facility in the health system’s portfolio. Municipal Acquisitions restructured the original lease with Children’s National, providing substantial economic benefits, including eventual lien-free ownership and lower overall occupancy costs.

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Amanda WillisAvison Young Brokers Sale of Children’s National Prince George’s County at Woodmore Town Center

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