A California real estate company bought the Paoli Medical
Plaza, making its second acquisition in the Philadelphia’s suburbs.
An affiliate of American Healthcare Investors of Irvine,
Calif., acquired the three-building complex in Paoli, Pa., totaling 99,059
square feet for an undisclosed amount. The seller was a partnership involving
Blank Aschkenasy Properties of West Conshohocken, Pa. Steve Marzullo, Justin
Marlowe, Chris Bodnar and Lee Asher of CBRE Inc. arranged the sale.
The buildings are located along Industrial Boulevard
directly across from Paoli Hospital and are 90 percent occupied with
medical-related tenants. Main Line Health occupies 37 percent of the
properties. One of the properties had served as And1’s headquarters but was
later turned into medical office space.
Facilities occupied by health care tenants are a hot
property these days.
“There is so much capital flowing into medical real
estate,” said Steve Marzullo of CBRE. “It’s a low risk area so investors who
aren’t looking for very high returns but looking for some safety with their
investments are buying these types of properties.”
Aside from being leased to multiple medical tenants, the
buyer was attracted to Paoli Medical Plaza because it doesn’t have much
competition nearby and it is next to a hospital, Marzullo said.
American Healthcare Investors recently bought the Merion
building at 700 S. Henderson Road King of Prussia, Pa.
Source: Philadelphia
Business Journal
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