PHILADELPHIA, Dec. 12, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $12.35 million sale of Norriton Medical Center, a 74,212-square-foot medical center anchored by Einstein Orthopedics and Moss Rehab in the Philadelphia suburb of East Norriton, Pennsylvania.
The HFF team represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corporation.
Located in Greater Philadelphia, home to one of the largest concentrations of healthcare institutions, teaching hospitals, R&D facilities, and life sciences hubs in the country, Norriton Medical Center is ideally situated directly in the shadow of the area’s largest hospitals, Einstein Medical Center Montgomery (1.4 miles) and Suburban Community Hospital (0.8 miles). The 7.31-acre site is located at 160-190 West Germantown Pike, one of the Plymouth Meeting/ Valley Forge area’s busiest six-lane thruways, supporting regional traffic volume of more than 25,000 vehicles per day. The four-building complex is currently 92 percent leased and features the area’s only nationally ranked rehabilitation facility that operates under the Einstein Healthcare Network umbrella.
The HFF team representing the seller included senior director Ben Appel and the national healthcare capital market team as well as senior managing directors Jim Cadranell and Doug Rodio and managing director Brett Segal. HFF co-marketed the asset with the property’s leasing team, Beacon Realty Advisors.
About Franklin Realty Development Corporation.
Franklin Realty Development Corporation is a full-service commercial real estate development and management company with headquarters in Blue Bell, PA. Since its founding in 1985, Franklin has developed more than 800 acres of raw ground and constructed over 50 buildings totaling four million square feet with an aggregate value in excess of $500 million. From its start as a merchant developer focusing on projects from the ground up, Franklin has evolved into a multifaceted development company now concentrating on value-added projects as well as traditional development. It pursues these opportunities for its own account and for sale to third-party buyers/investors. Franklin enjoys excellent financial relationships with the lending community and many national financial institutions including Chase Manhattan Bank, Merrill Lynch Capital, Credit Suisse First Boston, The Bancorp Bank, WSFS Bank, PNC Bank, American Bank, Beneficial Bank and Webster Bank. Additionally, Franklin has consistently provided its investors and business partners with excellent returns that exceed those available from comparable investment options. Learn more at http://www.franklinrealtydev.com/
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan serNews Release: vicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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CONTACTS:
BEN APPEL
PA Lic. #RS312185
HFF Senior Director
(484) 532-4200
bappel@hfflp.com
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com
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