Mediplex Buys Philadelphia MOB
The property previously traded in 2018.
Mediplex Property Group has acquired 1230 American Blvd., a 28,127-square-foot medical office building in West Chester, Pa. CBRE brokered the deal on behalf of the seller and procured the buyer.
Nueterra Capital sold the asset for $6.5 million. or about $231 per square foot, according to Yardi Matrix information. The firm had acquired it in August 2018 for $4 million from OmniCable.
Located close to Route 202, the facility is 3 miles from downtown West Chester and 26 miles from Philadelphia International Airport. Downtown Philadelphia is 33 miles southeast. Other medical providers in the area include Chester County Hospital and Riddle Hospital.
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Completed in 1983, the property underwent upgrades in 2014, including lobby and common-area renovations. Tenants at the two-story building include MUVE-West Chester Ambulatory Surgery Center and Stay Suites, a medical facility managed by Surgery Partners.
CBRE Senior Vice President Stephen Marzullo, Vice President Stephen Gersbach, First Vice President Adam Silverman and Executive Vice President Scott Gabrielsen arranged the deal.
MOB sector holds steady, sales increase
In the second quarter of this year, the medical outpatient building investment volume rose 32 percent quarter-over-quarter nationally, according to a CBRE report, underscoring national medical office real estate trends. Assets traded for $277 per square foot during that period, with total sales amounting to $2.2 billion.
Philadelphia’s investment activity totaled $32.5 million in the second quarter, marking a 37 percent decrease year-over-year. One of the assets that changed hands during this period is The Merion Building, a 71,800-square-foot property in King of Prussia, Pa. Peakstone Realty Trust sold it to Onicx Group.
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