FREDERICK, Md. — The former State Farm campus in Frederick will soon be home to some aspects of Frederick Health.
The Fitzgerald Realty Group helped the health system acquire the property.
“This is a win-win for Frederick Health and the greater Frederick community,” said Jim Fitzgerald, founder and president of Fitzgerald Realty Group, who was directly involved in the negotiations. “Not only was this a smart business decision, it gives Frederick Health the opportunity to expand and refine its services to meet the growing health care needs of the local community far into the future.”
The site was valued at $38 million in January of 2018. It just closed at $48 per square foot or around $18 million, according to a news release from the realty company.
The newly named Frederick Health Village will allow Frederick Health to move its call center, home health care services and hospice, among other administrative offices, to the site. It also allows room for further expansion.
The hospital will not be moving from its location in downtown Frederick. But the facility will gain some breathing room with the relocation of those units. Next year, the hospital plans to expand its cardiac catheter lab and upgrade both the ER and intensive care unit.
“This was a once-in-a-generation opportunity for Frederick Health to acquire an institutional class asset in the rapidly growing north end of Frederick,” Seamus Fitzgerald, executive vice president of Fitzgerald Realty Group, said in the release announcing the sale.