PAOLI, PA—Paoli Office Park Partners, L.P., a partnership affiliated with Blank Aschkenasy Properties of West Conshohocken, PA, has sold its Paoli Medical Plaza, a 99,059 square foot medical campus adjacent to Paoli Hospital, to Griffin-American Healthcare REIT III, Inc., through its sponsor, American Healthcare Investors, LLC, for an undisclosed amount.
The CBRE team of Steve Marzullo and Justin Marlowe of the Investment Properties Philadelphia Commercial Group, along with Chris Bodnar and Lee Asher of the U.S. Healthcare Capital Markets Group represented the seller.
“This is a premier medical center with some of the highest quality multi-tenant medical office space in the Philadelphia region,” says Marlowe, senior associate with CBRE's Capital Markets Group in Wayne, PA. “It is strategically located next to Paoli Hospital, and there is a great synergy between the tenants of the campus and the hospital.”
“We continue to experience significant capital focused on healthcare real estate investment, causing on-going yield compression,” says Marzullo, senior vice president with CBRE. “Paoli Medical Plaza attracted a diverse mix of institutional and private investors from across the US.”
Paoli Medical Center is comprised of three buildings and is anchored by Main Line Health, which also owns and operates Paoli Hospital. Main Line Health occupies 37 percent of the properties for clinical, billing, and administrative uses. The campus also includes several other prominent healthcare tenants including Paoli Hematology/Oncology, Philadelphia Hand Center, Premier Orthopedics, Aligned Medical Group, Urology Health Specialists, Women's Health Care Group of PA and LabCorp.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
