he Campus is 82.2% leased, with a weighted average remaining lease term of nearly 8 years, and anchored by the Trinity Health (Moody’s Aa3) subnetwork, Holy Cross Health (81% of building 10720; 26% of the Campus GLA), a 267 bed, 2-hospital, not-for-profit, faith-based health system that serves more than 240,000 patients in Maryland annually. Holy Cross Health has been at the Campus since 2014 and currently houses their home care and hospice operations. The Campus has received recent significant capital improvements totaling approximately $13 million. Through both capital infusion and a medical office leasing campaign, the property is now 82% leased, which is up from 43%, during the last 36 months. Recent leasing activity includes leasing nearly the entirety of the 10750 building to a cohesive mix of healthcare providers and the majority of the 10770 building. In doing so, in-place rents have grown by 14% over the last 24 months. The Offering provides investors the opportunity to continue this trend across growing occupancy and rents in the remainder of the Campus.
JLL is pleased to exclusively offer the fee simple interest in the Colesville Medical Campus (the “Campus” or “Property”), a three building campus totaling 212,153 square feet located at 10720, 10750, and 10770 Columbia Pike located in the immediate Washington, D.C. suburb of Silver Spring, Maryland.