Premier is pleased to announce that on May 12, 2016, the Premier Medical Center in College Park, MD was sold to a Washington real estate investor, and the transaction was very profitable for both Premier and its investors.
Premier purchased the under-performing Science Park Medical Center in 2012 from a life company lender. Debt financing was provided by the American Armed Forces Mutual Aid Association (AAFMAA), and 888 Realty Investors became a lead investor.
At the time of acquisition, the 45,000 center was almost 30% vacant and more tenants were threatening to leave. Premier jumped in and rebranded the property, upgraded the Center cosmetically and functionally, solved some tricky ADA related problems, and brought in its own brand of high level touch to operations and tenant relations.
Results were quick to evolve. Major tenants signed longer term renewals, several upgraded and expanded, and new tenants filled in the new renovated vacancies. By 2015, Premier Medical Center had a new reputation and occupancy approaching 95%. The Center was put on the market for sale with Jim Kornick of Avison Young in late 2015 and the sale closed in May 2016.