Alabama firm buys Parkway Professional Center near Hagerstown for $21M

The Sanders Trust, an Alabama-based health care real-estate and development firm, has acquired the Parkway Professional Center near Hagerstown for $21 million, according to a company news release.

The firm, based in Birmingham, Ala., announced the deal Monday.

"The Sanders Trust’s main focus is developing and acquiring strategic healthcare real estate assets across the United States that are leased to strong physician groups and/or hospital systems," Steve Hewett, senior vice president of the trust, wrote in an email Monday to Herald-Mail Media.

"The Parkway Professional Center is a well-located, Class A, medical asset that fits well within our portfolio. It is leased to many of the area’s premier physician groups that are committed to this location and have a solid reputation within the community and industry," he said.

The facility on Western Maryland Parkway near West Washington Street is "fully leased to several of the premier medical providers in the region," the firm said.

"Most of the tenants that currently lease space in the Parkway Professional Center do have relatively long-term leases in place and plan to continue operating there for the long haul," Hewett said. "There are a few vacant suites that are on a master lease, which allows us the time and flexibility to add a few strategic medical-related tenants to increase the productivity, success and referral base for Parkway Professional Center."

The 71,000 square-foot center was built in 2005 and expanded with modern upgrades in 2011, the release said.

The trust reports that the center includes two properties. Each had been owned by a group of private investors, including some of the physicians who practice there.

So far, county documents do not reflect a change in ownership, according to online records.

A major tenant is Parkway Neuroscience & Spine Institute, which provides diagnosis, management and treatment of disorders of the brain, spine and peripheral nervous systems, the release said.

Other major tenants include the Center for Joint Surgery and Sports Medicine, and Parkway Surgery Center, a subset of Surgical Care Affiliates, the release said.

The deal extends the footprint of The Sanders Trust into its 22nd state.

"Entering into a new market naturally comes with much consideration," Rance Sanders, president and chief executive officer of The Sanders Trust, said in the release. "We are pleased to be associated with such outstanding tenants and are gratified to add this strong asset to our portfolio."

The firm develops and acquires medical office buildings, inpatient rehabilitation hospitals and specialty hospitals nationwide.

Since its inception in 1989, it has developed or acquired medical properties valued at more than $1 billion, the company said.