Chicago Pacific Founders has acquired a twelve-story, 192,000-square-foot Class A medical outpatient building (MOB) in the Washington, D.C. MSA for $27.5 million. The acquisition was made through the Chicago Pacific Founders Healthcare Real Estate business (CPF HCRE).
The property enjoys 74% occupancy, majority medical tenancy and a weighted-average lease term of six years. Anchored by Luminis Health under a new ten-year lease, the property is located 1.2 miles from Luminis Health Doctors Community Medical Center. The purchase price is roughly $143 per square foot.
With $2.7 billion in assets under management, Chicago Pacific Founders is a leading private equity firm with investments across both healthcare services companies and healthcare real estate.
CPF HCRE has acquired more than $80 million of MOBs across four transactions in New York, Florida, Michigan and Maryland in the past eight months and continues to actively pursue value-add and opportunistic opportunities. Debt financing was provided by Capital One, N.A.
“This asset offers the rare combination of not only strong [weighted average lease term], a health system anchor and great cash flow, but also significant upside in remaining vacancy including a full floor on which we’re negotiating with a national behavioral health tenant identified during due diligence,” said Andrew Eckman, Vice President at Chicago Pacific Founders. “With 300,000 vehicles passing by the property per day, tenants and providers alike appreciate its ease of access and visibility.”
“Through a combination of our favorable debt facility, credits at closing and property cash flow, we will invest in major capital improvements to drive occupancy, rent and the overall tenant/patient experience,” added Cliff Berryman, Senior Vice President.
According to data captured in the LevinPro HC database, this transaction represents the 109th MOB acquisition of 2025. There were 212 MOB transactions announced in 2024, and 199 announced in 2023. This is also the eighth MOB transaction announced in Washington, D.C. since the start of the year.
