CBRE Facilitates Sale of Luminis Health Easton Pavilion for BET Investments in $70M Maryland Medical Office Portfolio Deal

CBRE has arranged the sale of the Luminis Health Easton Pavilion, a 24,982-square-foot Class A medical outpatient building located at 28438 Marlboro Avenue in Easton, Maryland, on behalf of seller BET Investments. The transaction is part of a four-property medical outpatient portfolio acquired by Thomas Park Investments — a subsidiary of Thomas Park Holdings — for a total of $70 million, closing Aug. 12, 2026.

Transaction Details and Brokerage Team

Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof and Jesse Greshin of CBRE's U.S. Healthcare Capital Markets practice served as exclusive advisors to BET Investments, partnering with Doug Rodio, Jerry Kranzel and Bruer Kershner of CBRE's National Office Partners team and John Kaczowka of CBRE's Mid-Atlantic Healthcare Leasing team.

BET Investments, whose principals include Bruce E. Toll and Michael P. Markman, owns, manages, develops and leases more than 5 million square feet of commercial space and 4,000 apartments across the United States. The Easton Pavilion represented a stabilized, single-tenant asset purpose-built in 2019 for Luminis Health, an investment-grade health system.

The property is 100% occupied under a triple-net, corporately guaranteed lease with 13 years of remaining term at the time of sale — a tenure that Knott, an Executive Vice President with CBRE's U.S. Healthcare Capital Markets practice, described as a key driver of investor interest.

"Luminis Health Easton Pavilion offers a secure, long-term income stream for the buyer with 13 years of remaining term to an investment grade health system," Knott said. "Additionally, the heavy barriers to entry in a Certificate of Need state, which effectively protects market share for Luminis Health in Maryland by regulating the supply of medical outpatient space, makes the existing space more valuable."

Asset Profile: Class A MOB in Easton's Waterside Village

Delivered in 2019 as a purpose-built facility, the single-story building sits within Waterside Village, Easton's premier mixed-use development, and offers a parking ratio of 7.9 spaces per 1,000 rentable square feet. The property is positioned approximately 1.6 miles from U.S. Route 50, providing access to major metropolitan markets including Annapolis, roughly one hour away, and Washington, D.C., Baltimore and Philadelphia, each approximately two hours distant.

The Pavilion houses 13 integrated specialties for Luminis Health, including primary care, cardiology, orthopedics, gynecologic oncology, endocrinology, imaging and laboratory services. Luminis Health operates three hospitals and more than 100 care sites, serving more than 1.8 million patients across seven counties in Maryland's Mid and Eastern Shore regions. The breadth of clinical services co-located within the building supports high visit volumes and reinforces the stickiness of the tenancy.

The property's location within Talbot County places it near major retailers including Target, Dick's Sporting Goods, BJ's and Chick-fil-A, enhancing patient convenience. Easton serves as the cultural and economic hub of Talbot County.

Portfolio Context and Buyer Profile

The Easton Pavilion is the Maryland Eastern Shore component of a four-property medical outpatient portfolio totaling approximately 165,637 square feet spanning Washington, D.C., Northern Virginia and Maryland. Thomas Park Investments acquired the portfolio for $70 million. The other assets in the portfolio include a former movie theater in Washington, D.C., repurposed and leased to Children's National Hospital, along with additional medical outpatient buildings in Northern Virginia and Maryland.

Thomas Park Investments was founded in 2019 by EJ Rumpke and joined by partner Alex Kopicki in 2021. The firm began with a focused strategy in healthcare real estate and has since evolved into a fully integrated platform that invests in, develops, owns and operates commercial real estate and service companies across the East Coast.

Maryland's Certificate of Need Framework as a Market Driver

CBRE's brokerage team highlighted Maryland's Certificate of Need regulatory framework as a structural advantage for the asset. As a CON state, Maryland regulates the supply of medical outpatient space, creating barriers to entry that limit new competing facilities and support the defensibility of rents and occupancy at existing properties. For investors, the framework reduces the risk of supply-side competition and reinforces the long-term income stability of assets like the Easton Pavilion.

The transaction reflects continued institutional demand for newer, fully leased, health-system-anchored medical outpatient buildings in constrained Mid-Atlantic markets, where long-duration triple-net leases with investment-grade tenants have drawn active buyer interest.

About the Firms

CBRE is a commercial real estate services and investment firm. BET Investments owns, manages, develops and leases commercial and residential properties throughout the United States, with a portfolio exceeding 5 million square feet of commercial space. Thomas Park Holdings, through its subsidiary Thomas Park Investments, invests in, develops, owns and operates commercial real estate and service companies across the East Coast.

Sources: CBRE Press Release