Physical Therapy Practice Acquires 11,000 Square Foot Free-Standing Building in Baltimore City Formerly Leased by Rite Aid
Jim Grieves of MacKenzie Commercial Real Estate Services represents the new owner, Eagle Physical Therapy & Rehabilitation, in the $1.85 million sale
Eagle Physical Therapy & Rehabilitation has acquired 250 W. Chase Street, a free-standing building in the Mount Vernon section of Baltimore City containing 11,113 square feet of space from West Chase 250, LLC for $1.85 million. The physical, occupational and speech therapy organization which maintains two locations in Baltimore County and one in downtown Baltimore, plans to relocate its current headquarters and medical facility in the city from 1020 St. Paul Street early next year. Jim Grieves, Vice President, MacKenzie Commercial Real Estate Services, LLC represented the buyer and Matt Copeland and Michael Ginsburg of KLNB Retail represented the seller in this sales transaction. Former user Rite Aid vacated the building early last year.
Eagle Physical Therapy & Rehabilitation, which offers a range of modalities including physical and occupational therapy, speech-language pathology, and mental health services, is staffed by a team of professional therapists and specialists trained to achieve successful outcomes. In addition to offering care at its facilities in Baltimore City, Catonsville, and Dundalk, the group provides on-site services at private residences and healthcare facilities situated throughout the Maryland area.
250 W. Chase Street is situated at the signalized intersection of W. Chase Street, Martin Luther King, Jr. Bouelvard, and N. Howard Street, and features two pylon signs and a surface parking lot that can accommodate approximately 25 vehicles. Nearly 100,000 people reside within a 1.5-mile radius and the daytime population exceeds 200,000 people.
“Eagle Physical Therapy & Rehabilitation outgrew its previous headquarters and it was imperative to retain the headquarters of the practice group, as well as its medical facility downtown, because the owners are passionate about Baltimore City and wanted to demonstrate its confidence in the area with this substantial long-term investment,” stated MacKenzie’s Jim Grieves. “In addition, many of its employees and patients reside in the downtown area, and the owners felt compelled to remain here to minimize any disruption to its many stakeholders and audiences.”
After touring many different acquisition options, the advantages offered by 250 W. Chase Street was too difficult to turn down, Grieves added. “The site’s combination of outstanding road visibility, immediate availability, and a surface parking field in a parking-restrictive environment, propelled it to the number one choice,” he said.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
