March 17th, 2021
Hyatt Commercial is pleased to announce the sale of 820 Bestgate Road, a ±38,000 square foot Class ‘A’ medical office building located in Annapolis, Maryland. The largest private owner of healthcare properties in the country, Remedy Medical Properties Inc. acquired the asset for an undisclosed price from 820 Bestgate RD LLP in the off-market transaction.
The property provided a great opportunity for the Buyer to acquire a high-quality medical office property that was roughly 96% occupied at time of sale in a high barrier to entry market like Annapolis. The MOB is strategically positioned near the intersection of Bestgate Road and Medical Parkway; the gateway to and from Anne Arundel Medical Center and has quick access to Route 50 and I-97 making it ideal for providers and patients alike.
“820 Bestgate Road is a premier medical office building with a very attractive rent roll consisting of tenants such as Maryland Center for Digestive Health, Anne Arundel Gastroenterology , John Hopkins Pediatric Specialists on behalf of its School of Medicine’s Department of Pediatrics and Quest diagnostics to name a few,” said John Gallagher, Vice President of Sales and Leasing with Hyatt Commercial. “Our team is proud to have represented the Seller in the leasing efforts over the years and ultimately the successful disposition of the asset. We welcome Remedy Medical’s team to the market”.
Justin Mullen, John Gallagher and Cecil Cummins represented the Seller and were the sole brokers involved in the deal.
About Hyatt Commercial
For over 60 years Hyatt Commercial, a Reliable Group Company, has provided results driven services to clients across all asset types throughout Maryland. Headquartered in Annapolis, Maryland, Hyatt Commercial provides landlord/seller and buyer/tenant representation, property management and investor services.
About Remedy Medical Properties Inc.
As the largest private owner of healthcare properties in the country, Remedy owns and manages over 20 million square feet, has developed over 6 million square feet and has acquired north of $7 billion in healthcare real estate since 2012. They are a full-service private investment partner that brings high-touch services together with an entrepreneurial spirit to help maximize resiliency, profitability, and quality of care now and in the future.