Acquisition of on-campus facility containing multi-specialty, cardiology, and cancer-related practices.
The four-story, 67,000 SF Professional Office Building was developed by Doctors Community Hospital (DCH) in 2009 to accommodate a strategic expansion of its services and attract targeted physician practices to its campus. NexCore Group and its capital partner Heitman LLC acquired the building in June 2011, winning a highly competitive national process that involved 15 institutional competitors. The monetization of the building provided DCH with capital to invest in its various hospital programs and initiatives.
The Professional Office Building houses full-service imaging with mammography center, cancer center (with cutting-edge treatment technology including linear accelerator), multiple cancer-related practices (oncology, hematology, and breast reconstructive surgery), cardiology, and one of the area’s largest multispecialty practices. Tenants in the office building were strategically recruited to support DCH programs.
Since the 2011 acquisition, the NexCore team has successfully reduced operating expenses for the hospital department tenants by over 40%. Expense reductions resulted from the installation of remote HVAC controls, aggressive pursuits related to property taxes, and the bidding of all controllable operating expense service contracts. NexCore also staffed the building with an experienced and effective building engineer able to provide repair and maintenance services at a reasonable expense.
Doctors Community Hospital
8116 Good Luck Road, Lanham, MD, 20706
Phil Down, Jr., Director of Real Estate