Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Maryland Trade Center III, a 192,000-square-foot Class A medical outpatient building (MOB) in Greenbelt, Maryland. The property sold for $27.5 million, or $143 per square foot.
The MOB is approximately 75% leased and anchored by Luminis Health, which selected the property for its recent outpatient expansion. Completed in 1989, Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades. In addition to Luminis Health, tenants include Greenbelt Oncology, Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology and Health First Medical Group. The building’s amenities include a two-story atrium lobby, a tenant-only fitness center and a daycare facility.
IPA represented the seller, Greenbelt Trade Center LLC, and procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders.
With $2.7 billion in assets under management, Chicago Pacific Founders is a leading healthcare private equity firm with investments across both healthcare services companies and healthcare real estate.
According to data captured in the LevinPro HC database, this transaction represents the 113th MOB acquisition of 2025, as well as the first MOB deal announced in Maryland this year. There were 213 MOB transactions announced in 2024, and 199 announced in 2023.
