Four Buildings, Four Health Systems, $70 Million

Thomas Park Investments has acquired a four-property medical outpatient portfolio totaling approximately 165,637 square feet across Washington, D.C., Northern Virginia and Maryland's Eastern Shore for roughly $70 million, or about $423 per square foot. The transactions closed August 12, 2026.

Children's National at Takoma Theatre, at 6833 4th St. NW in Washington, D.C., is a 24,140-square-foot specialized outpatient facility originally built in 1923 and comprehensively renovated in 2017. It is 100 percent leased to Children's National Medical Center with contractual rent growth in place.

MedStar Health Medical Center at McLean, at 1420 Beverly Road in McLean, Virginia, is a 47,185-square-foot building constructed in 1985 and renovated in 2022. It is 100 percent clinically occupied and has benefited from substantial recent investment in both base building and tenant spaces.

At 6849 Old Dominion Drive in McLean, a 69,330-square-foot building from 1974, renovated in 2022, was acquired at approximately 89 percent leased and is anchored by Johns Hopkins Medicine. It is the only asset in the group with meaningful vacancy and carries a stated thesis of continued conversion to medical use in a supply-constrained submarket.

Luminis Health Easton Pavilion, at 28438 Marlboro Ave. in Easton, Maryland, is a 24,982-square-foot Class A facility purpose-built for Luminis Health in 2019 and 100 percent leased to the investment-grade system.

Thomas Park is vertically integrated across investment, property management, brokerage and construction, with approximately 7.5 million square feet under management. Chief Investment Officer Alex Kopicki framed the strategy as pairing operational expertise and institutional capital with mission-critical outpatient facilities leased to systems that dominate their markets.

Implications

This is the credit-substitution trade in medical outpatient, and it works because the underwriting question is narrower than in conventional office. MedStar, Johns Hopkins, Children's National and Luminis do not require a credit narrative, because the systems are the reason patients are in those buildings, which makes renewal probability an operational question rather than a market one. Note what the buyer paid for: three of four assets at full occupancy with contractual escalators, and one at 89 percent with a conversion thesis. That is a stabilized-income deal with a single value-add lever, not a repositioning play. The scarce input is not capital but a vertically integrated operator that can hold clinical continuity through a tenant improvement cycle, which is precisely what a health system weighs when deciding whether to renew.