Bethesda Health City (BHC) has been acquired by Flagler Investment LLC for $37 million. The $26.3 million loan included a ten-year term, 30-year amortization, at 70% loan-to-value. It was arranged through UBS Investment Bank. Flagler Investment, whose key principals are Didier Choukroun, Chris Coots and Herve Puyplat partnered with Investcorp Real Estate in this acquisition. Flagler purchased the asset in an off-market transaction and executed a long-term lease with the seller, Bethesda Hospital.
BHC is a unique 100 % medical use in a mall setting, providing convenient access to the patients and high visibility and traffic for the tenants. BHC totals 133,473 rentable square feet and was nearly 100% occupied at the time of closing, including Bethesda Healthcare Systems, which accounts for half of the occupancy. The property was built in 1996. There are 36,000 square feet of additional developments that will benefit from a high visibility from Hagen Ranch road. Both BHC existing space as well as the new developments will be pre-leased by Pix, Flagler’s leasing company.
In addition, Flagler Investment will be developing two new medical office buildings totaling 133,500 sf on the new Bethesda West Hospital Campus. Bethesda West Hospital is expected to be completed in January 2013.
For additional information, contact Herve Puyplat at (561) 704-5232 or hpuyplat@pixholdings.com.
