Marcus & Millichap is pleased to exclusively represent the ownership of 940 Madison Avenue (the Property) for acquisition. The Property is a 98%, soon to 100% leased, 32,056 SF medical /wellness building embedded in the dense urban community just west of Downtown Baltimore, and two blocks from University of Maryland Medical Center Mid-Town Campus.
The Property is nearly 40% anchored by the University of Maryland on a new 10-year lease. The University of Maryland Baltimore (UMB) provides health and wellness services from early childhood services, to health and therapy for mothers and families. These UMB programs are funded by the State of Maryland with no terminations in the lease.
The Property has just received a multi-million-dollar, substantial renovation. In addition to new capital investment, UMB just built out their new RISE program facilities at the Property and has expressed interest in the remaining suite available for lease. While there is no urgency, UMB appears to be a slow-growth tenancy that could ultimately have a larger presence at the Property and absorb space when and if it becomes available.
Other medical and wellness tenancy operating at the Property include general medicine, podiatry, psychology, and psychiatric services. Dynamic Health Partners, and the Parker practices of therapy and psychiatry have both expanded into multiple suites.
The Baltimore Teachers Network (BTN) has been a tenant at the Property for over a decade and has a lower-lever conference center and offices at the Property. Renewed in 2023, BTN’s lease runs through 2033.
With over 50,000 residents within one mile of the Property, UMB and the other tenants have located in the heart of the community they serve and will continue to serve into the future. The Property is hospital adjacent, well maintained, attractive, inviting, and an embedded center and a value addition for west Baltimore.