Suburban Philly MOB Campus Hits the Market

HFF is representing Franklin Realty Development in the sale of Norriton Medical Center, a four-building medical portfolio in East Norriton, Pa.

Norriton Medical Center, East Norriton, Pa.
Norriton Medical Center, East Norriton, Pa.

Franklin Realty Development has selected HFF to market the sale of Norriton Medical Center, a suburban medical office development located in East Norriton, Pa. The campus is 91.5 percent leased and is anchored by Einstein Orthopedics and Moss Rehab.

Healthcare-oriented submarket

Built in 1990, Norriton Medical Center comprises four buildings totaling 74,212 square feet of space. The property is located on 7.1 acres and includes 301 parking spaces. Sited at 160-190 W. Germantown Pike, the off-campus property is located in the vicinity of multiple hospital campuses and senior living facilities such as Mercy Suburban Hospital and Montgomery Einstein Hospital. Neighboring amenities include eateries, cafes, banks and retailers.

HFF Senior Director Ben Appel and Managing Director Brett Segal represent the seller in the offering Beacon Commercial Real Estate’s Gene McHale and Colin McHale are leasing advisors.

According to public records, the property previously changed hands in 2007, when the current owner purchased it from Brandywine Realty Trust for $7.7 million.

Image courtesy of HFF