The Offering
CBRE has been retained by ownership as the exclusive marketing advisor for the disposition of the Philadelphia Suburban Medical Office Portfolio (“Portfolio” or “Properties”), made up of the Lansdale Medical Campus located at 1001-1005 South Broad Street, Lansdale, Montgomery County, PA and Highpoint Square located at 1500 Horizon Drive, Unit A, Chalfont, Bucks County, PA.
Comprising a net rentable area of 52,171 square feet which is 86% leased, the two building medical office portfolio is conveniently situated in the submarkets of West Montgomery County and Central Bucks County between the Lansdale Interchange of the PA Turnpike Northeast Extension and Route 152 – Limekiln Pike. Located along or adjacent to major roadways, tenants have convenient access for travel to significant area amenities. The Properties cater to the healthcare needs of a significant population that lives or works in this region of suburban Philadelphia.
The first property, Lansdale Medical Campus, features a one and part two-story, multi tenanted medical office building containing 42,258± square feet. Constructed in 1958, the Property has undergone renovations and additions over the years, and is approximately 86% leased by a diversified rent roll of 12 national, regional and local medical providers including LMG Family Practice, Prime Healthcare, Lansdale Pediatric, LabCorp and Nova Care. The campus is strategically located on 9.56± acres at the southeast corner of South Broad Street and Allentown Road in Upper Gwynedd Township, Montgomery County, Pennsylvania.
The second property, Highpoint Square, makes up 9,913± square feet of a 26,000± square foot single story medical office condominium on 3.00± acres in the Highpoint Business Campus, a planned business park in New Britain Township, Bucks County, Pennsylvania. Constructed in 2001, the Property is approximately 86% leased by 4 tenants including LMG Family Practice, Lansdale Pediatric, Apex Physical Therapy and Abington Hospital. The Property is ideally situated along County Line Road, a major artery bordering both Bucks County from Montgomery County.
Lansdale Medical Campus and Highpoint Square present the rare opportunity to purchase a well occupied portfolio of quality medical office buildings located in two established suburban Philadelphia submarkets at offering prices below replacement cost. The Properties are being offered individually or as a portfolio.
Investment Highlights
- Diverse Mix of Medical Office Professionals
- High Tenant Retention
- Value Add Potential
- Accessibility
- Strong Local Amenity Base
- Discount to Replacement Cost
- Attractive Financing Options Available for Medical Office Properties
Investment Profile
- Property Type: Multi-Tenant Medical Office
- Property Size: Lansdale Medical Campus: 42,258 SF, Highpoint Square: 9,913 SF, Portfolio Total: 52,171 SF
- Year Built: Lansdale Medical Campus: 1958/Renovated and Expanded 1990’s, Highpoint Square: 2001
- Location: Lansdale and Chalfont, PA
- Current Occupancy: 86%
- In-Place NOI: Lansdale Medical Campus: $616,878, Highpoint Square: $141,827, Portfolio Total: $758,705
- Offering Price: Lansdale Medical Campus: $7,250,000, Highpoint Square: $1,700,000, Portfolio Total: $8,950,000 ($172/SF)
- Going-In Cap Rate: 8.5%
Contact Information
Stephen Marzullo
Senior Vice President
+1 610 251 5161
stephen.marzullo@cbre.com
Adam Silverman
Vice President
+1 610 251 5141
adam.silverman@cbre.com
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