Avison Young, the world’s fastest-growing commercial real estate services firm,announced today the $15.6-million sale of Woodholme Center, a 74,296-square-foot office building located at 1829 Reisterstown Road in Pikesville, Maryland.

Avison Young Principals Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Executive Vice-President of healthcare services Mark Johnson represented the seller, Harrison Street Real Estate Capital LLC, in the transaction. Harrison Street acquired the building from Washington WRIT as part of a 23-building medical office portfolio in 2013. Avison Young manages the 1.5-million-square-foot portfolio.

“We were very pleased with the competitive process run by Avison Young as well as how Avison Young articulated the story of how Harrison Street was able to add value to the asset by instituting a robust capital-improvement program and leasing the asset to stabilization which resulted in a price that exceeded our expectations,” comments Harrison Street Senior Vice-President Brian Mutchler.

Greenebaum Enterprises was selected as the buyer.

“The property, which was 93% leased at the time of the sale,is the highest quality building in the close-in Baltimore suburb of Pikesville and attracted a great deal of investor interest,” says Kornick.“This transaction provides Harrison Street with a strong return on its investment and Greenebaum with an asset that produces consistent long-term revenues.”

About Harrison Street Real Estate Capital LLC

Harrison Street Real Estate Capital LLC ("Harrison Street") is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 89-person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $11.5 billion in assets on behalf of some of the world’s largest institutional investors.

About Avison Young

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.