Broadmead, the senior living community in Hunt Valley, plans to expand by converting three office buildings in a corporate park in Sparks to a satellite campus with 80 residences and amenities.
Broadmead Inc., operator of the retirement community at 13801 York Road, announced that it has acquired three office buildings less than three miles north of its current campus and is seeking approval from the Maryland Department of Aging to convert them to independent living units for seniors.
The interconnected office buildings are located at 910, 920 and 930 Ridgebrook Road in Sparks. The 61-acre property once served as the headquarters of Integrated Health Services, a nursing home chain. The buildings were later converted to a multi-tenant office park but occupancy is low. The sale price for the land and buildings was $21.4 million. The sale takes 220,000 square feet of office space out of the Baltimore County commercial real estate market.
Broadmead was established in 1979 and its 94-acre York Road campus has 391 residences, including units designated for independent living, assisted living and skilled nursing. Its satellite campus will be called Broadmead at Ridgebrook. Once its plan receives state approval, Broadmead plans to convert the three buildings to residences and complementary wellness spaces, dining venues and amenities. The Ridgebrook Road parcel has room for additional expansion.
Tom Fidler, Executive Vice President and Principal of MacKenzie Commercial Real Estate Services, represented Broadmead in the sale negotiations. Baltimore County Council members changed zoning for the property from light industrial use to residential use to make the conversion possible.
According to the U.S. Census Bureau, by 2030 more than 20 percent of the country’s population will be 65 or older — an age at which many people think about moving. Approximately 18.7 percent of Baltimore County’s population is already 65 and older, according to the census bureau.
Broadmead’s directors have been searching for land or buildings where they could expand to meet the need for more housing and healthcare services, and MacKenzie identified the Ridgebrook Road campus as an adaptive reuse opportunity.
“There continues to be a growing need for senior and independent living options as the ‘Silver Tsunami’ takes full effect and the baby boomer generation seeks housing and medical support for the next phase of their lives,” Fidler said in a statement.
“Broadmead has perfected a proven model for this demographic but the competition for senior living spaces remains fierce and providers cannot keep pace with current demand,” he said. “We do not see this trend shifting in the immediate or long-term future.”
