KLNB has announced the sale of North Ridge Professional Center, in Ellicott City, for $9,350,000. Don Schline, Craig Morrell and Brad Berzins of KLNB’s Investment Sales Team represented the seller, Foulger Pratt. The 38,894-square-foot medical office building located at 2850 North Ridge Road was 97% leased at the time of sale.
The center is anchored by Ellicott City Ambulatory Surgery Center, a joint venture between Lifebridge Health and the Orthopedic Associates of Central Maryland, which is undergoing a complete renovation, including four expanded operating rooms. Co-tenants include the Howard County Government, Seton Medical Group (a division of St. Agnes Healthcare) and Infectious Disease Associates, among others.
“As an asset class, medical office demand remains extremely strong, second only to industrial, throughout the COVID-19 pandemic crisis,” said Schline. “Bidding was fiercely competitive for the well-located [medical office buildings] due to the extremely ‘sticky’ tenant base, an aging population and the industry trend of moving toward more off-campus procedures.”