Premier recently announced the purchase of a 45,000 sf medical center just down the street from the University of Maryland in College Park. The transaction closed in November 2012. Debt financing was provided by the Army Air Force Mutual Aid Association, and represents the 7th property acquisition AAFMAA has financed for Premier and its partners. Significant equity was provided by 888 Realty Investors. Jim Kornick of Avison Young represented the seller, which was National Life. The property was 74% leased at the time of acquisition. Premier plans to re-brand the property, make numerous improvements, and increase the occupancy.
Update: Within the first 6 months of ownership Premier has accomplished new leasing and several renewals, given the property a new look, a new name, new signage, a state of the art video system, implemented significant advertising, and prepared several suites for immediate leasing.