FOR IMMEDIATE RELEASE
Metro King of Prussia, PA – April 14, 2025 – Onicx Group, a Tampa-based healthcare real estate investment and development firm, is pleased to announce the official acquisition of The Merion Building, a 71,800 RSF Class A medical office building located in the heart of King of Prussia, Pennsylvania — a prominent suburban commercial and retail corridor 15 miles west of Philadelphia.
This strategic investment marks another key milestone in Onicx’s healthcare-focused real estate acquisition platform. The Merion Building is the third asset to be acquired within the last 6 months, with additional properties currently under contract and slated to close in the coming months.
Originally constructed in 1946 as a high school and later converted to medical use in 2000, The Merion Building blends historical charm with modern functionality. The asset is currently 75% leased and features a strong synergistic tenant roster serving a range of outpatient medical specialties. Onicx plans to add value through an extensive capital improvement plan, including interior modernization, exterior renovations, and signage upgrades.
“With medical office space in the King of Prussia submarket exceeding 95% occupancy, The Merion Building offers a rare value-add opportunity in a supply-constrained market,” said Ilya Hvostikov, VP of Acquisitions. “We believe this property is uniquely positioned to become one of the region’s most attractive destinations for outpatient medical services.”
Situated at the high-traffic intersection of South Henderson Road, South Gulph Road, and I-76, the property offers premier visibility and accessibility within a high-income, high-density trade area. Within a five-mile radius, the population exceeds 187,000, with an average household income of over $160,000.
Newmark represented the seller in the transaction, and financing was provided by Wintrust Bank.
About Onicx Group
Onicx Group is a vertically integrated real estate investment and development firm headquartered in Tampa, Florida. The firm specializes in the acquisition, development, and management of healthcare and commercial real estate assets across the United States. With a focus on innovation, strategic growth, and long-term relationships, Onicx continues to deliver exceptional value to its investors, partners, and communities.
Contact:
Ilya Hvostikov
ilyahvostikov@onicx.com | 267-980-8283
Source:
Onicx Group
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
