JLL completes sale, financing of Colesville Medical Campus
Located in a dense medical corridor in the Washington, D.C. metropolitan area
WASHINGTON, D.C., April 15, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of Colesville Medical Campus, a three-building medical office campus totaling 212,153 square feet in Silver Spring, Maryland.
JLL represented the seller, Beckham Gumbin Ventures, and procured the buyer, Virtus Real Estate Capital. Additionally, JLL worked on behalf of the buyer to secure the acquisition loan.
Colesville Medical Campus is located at 10720, 10750 and 10770 Columbia Pike approximately one mile north of the I-495 Capital Beltway, the main thoroughfare serving Washington, D.C., Maryland and Northern Virginia. The property is positioned in a dense medical corridor that features 12 hospitals with more than 3,000 beds within a 10-mile radius. The campus is anchored by the Trinity Health subnetwork, Holy Cross Health, which operates their home care and hospice operations at the property. Colesville Medical Campus offers a best-in-class amenity package, including a state-of-the-art fitness center, conference center facility and parking for more than 789 vehicles.
The seller acquired the property in December 2016 at 43% occupancy, leasing it up to a cohesive mix of medical tenants in the ensuing months. At the time of sale, the property was 82% leased.
“Our team recognized that the attributes of the property would appeal to the medical community and successfully cultivated a vibrant ecosystem of healthcare providers,” says Neal Gumbin, co-founder of Beckham Gumbin Ventures.
The JLL Capital Markets team representing the seller was led by Managing Director Ben Appel, Director Dave Baker, Senior Managing Directors Jim Meisel and Andrew Weir and Managing Director Matt Nicholson.
JLL’s Capital Markets team representing the borrower was led by Senior Director Robert Carey, Senior Managing Director Daniel Turley and Director Evan Parker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Beckham Gumbin Ventures
Beckham Gumbin Ventures (“BGV”) is a commercial real estate investment and development company that is active in the greater Washington, D.C. area and southwestern United States.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 17 years, Virtus has acquired 238 properties for a combined acquisition value of over $4.1 billion and has fully realized 177 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit virtusre.com.