A Healthy Leasing Pace
Broe Puts Medical Building on Firm Footing
Two medical leasing deals in quick succession have given the Broe Group a critical mass of tenants at its medical office building in Shady Grove.
Both Shady Grove Fertility and Shady Grove Orthopaedics signed leases recently for space in the former Blackwell 1 office building at 9601 Blackwell Road, now rechristened as the Shady Grove Medical Pavilion. Fertility took just under 52,000 feet in a deal that will move it from 15001 Shady Grove Road to the Pavilion building. Next, the Orthopaedic group leased 13,410 square feet, and two smaller deals totaling about 8,000 feet have also been signed. In all, that’s about 75,000 feet that Broe has roped in since it bought the building last fall. For a normal-sized medical office building, Broe would be full, but the landlord has 30,000 feet yet to fill at Pavilion.
The Denver-based group bought the building last August for $16.5 million, and looked quickly to reposition it as a Class A medical alternative to other Shady Grove options, but at a slightly lower rate. Starting from about 10 percent leased at acquisition, it has now leased a majority of the space.
Chuck Feitel at Health-Pro Realty Group represented Broe in the deals. David Gittleson of Gittleson Zuppas Medical Realty brought Fertility, while Jason Klein and Larry Walker of The Walker Group represented Shady Grove Orthopaedic.
Mongomery Newsletter, June 15, 2015