10A — July 26 - August 8, 2019 — Healthcare & Medical Properties — M id A tlantic
Real Estate Journal
www.marej.com
H ealthcare & M edical P roperties
South Jersey Medical Center totals 33,416 s/f Beyel, Gariano and Hinchman complete sale of medical office building in CherryHill, NJ for $4M C
HERRY HILL, NJ — Marcus & Millichap has announced the sale of South Jersey Medical Cen- ter, a 33,416 s/f medical office property located in Cherry Hill. The building sold for $4 million equating to $119 psf. David Beyel, and Law- rence Gariano , both se- nior associates, and Michael Hinchman , associate, inMar- cus &Millichap’s Philadelphia office, had the listing to mar- ket the property on behalf of the seller, a partnership. The buyer, a partnership, was also secured and represented by
David Beyel
Lawrence Gariano
Michael Hinchman
“We were able to generate a lot of interest from both in state and out of state buyers due to the property’s desirable location,” said Beyel. “The di- versified rent roll and upside in leasing of the existing va-
cant suites were a few of the main selling points.” South JerseyMedical Center is located at 1401Marlton Pike East in Cherry Hill. The medi- cal office has 14 suites and 425 feet of frontage along Rte. 70, with more than 53,000 cars passing daily. Located in one of Philadelphia’s most sought- after submarkets, Cherry Hill, the medical office has been a desirable location due to its proximity to the local patient base, ease of access, and avail- able parking. The firm’s broker of record in New Jersey is Brian Hosey . NEPA A l l i anc e presents loan funds to Revive Chiropractic, LLC PITTSTON, PA — Re- vive Chiropractic received a $55,000 loan through the NEPA Alliance Economic Development Administra- tion (EDA) loan fund as part of a total project costing $150,000 for the purchase of land, building and renova- tions. Other project funds con- sisted of $80,000 from M&T Bank and a $15,000 equity injection from the borrower. Revive Chi ropract i c i s owned by Dr. Brandon Aucker, who has managed the practice since 2014. Dr. Aucker was able to purchase a new loca- tion with the help of NEPA’s funds, which allowed the busi- ness to grow and gain expo- sure in the community. Dr. Aucker has been prac- ticing chiropractic in western Pennsylvania and Schuylkill County for over six years. His prior experience includes roles as an initial clinical reviewer, a clinical peer reviewer, an associate chiropractic, and various rotations at integra- tive health clinics/chiropractic offices. NEPA Alliance is a full service economic develop- ment lender offering 11 low interest loan programs for job creation and job retention in our region.
South Jersey Medical Center
the team. The Pennsylvania based buyer was in a 1031 ex-
change and plans to upgrade the facility and common areas.
CELEBRAT ING 30 YEARS OF ENGINEERING LEADERSHIP NGINEERING LEADERSHIP Uni ver s i t y of Mary land Medi cal Center – Labor & Del i very
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