S hopping C enters P ennsylvania F eaturing N ortheastern PA
M id A tlantic Real Estate Journal — Pennsylvania — June 17 - July 21, 2022 — 13B
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Dugan, Margolis, Dolan and Guittare represent the seller, Endurance Real Estate Group Newmark arranges $12.7M sale of three building office complex in suburban Philadel phia
LUE BELL, PA — Newmark has com- pleted the sale of 960 Harvest Dr., a three-building, 130,942 s/f, low-rise office com- plex in Blue Bell. Newmark executive managing director James Dugan , senior manag- ing directors Michael Margo- lis and David Dolan and asso- ciate director Ryan Guittare represented the seller, Endur- ance Real Estate Group , a diversified regional real estate development and management company. The property traded to an undisclosed buyer for $12.7 million. “This portfolio presented the unique opportunity to acquire a well-leased, low-rise office com- plex with value-add upside in one of suburban Philadelphia’s most desirable locations,” said Margolis. “New ownership will have the opportunity to capture additional value with the lease up of the remaining vacancy while benefiting from the strong in-place cash flow.” The office complex includes two, two-story office buildings measuring 55,000 s/f each and one, one-story office building measuring 21,133 s/f. At the B
James Dugan Michael Margolis
time of sale, the complex was 65% leased to a diverse mix of tenants including KenCrest, Chemlogix, Bennett Bricklin & Saltzburg, Stephen Gould, HalfPenny, Cannon, Gen3 and Strategic BCP. 960 Harvest Dr. is situated within the affluent Blue Bell submarket, with an average household income of $142,888 within a one-mile radius. The submarket is a prime destina- tion for business headquarters, creating a suburban alterna- tive to the Philadelphia CBD David Dolan Ryan Guittare
960 Harvest Dr.
and its higher wage and busi- ness taxes. The property is located just four miles from the intersection of I-476 and the PA Turnpike (I-276), with quick access to I-76. It is also proximate to Local Routes 73 and 202, providing convenient access to surrounding ameni- ties, including the recently
renovated Plymouth Meeting Mall, one of Greater Philadel- phia’s premier shopping and dining destinations with over 80 retailers and restaurants. According to Newmark Re- search, office market con- ditions in the Philadelphia suburbs are outperforming the Downtown market. Despite an
uptick in available sublease space during the first quarter, deal velocity in the suburbs is strong, and many tenants are looking for space. While short-term transactions and renewals remain prevalent, the market is also beginning to see some longer-term tenant commitments. MAREJ
Mediplex Property Group begins construction on medical offices & ambulatory surgery center in King of Prussia, PA
serviced by Axis Construc - tion Management of King of Prussia, PA. Ocean First Bank is providing financing. Mediplex is a relationship- based, assignment-driven real estate developer serving physi- cian practices, regional health systems and national outpa- tient care providers. Since 2008, the firm has successfully delivered a wide range of turn- key and build-to-suit projects through ground-up construc- tion or adaptive re-use. Act- ing as its clients’ partner or preferred developer, Mediplex delivers real estate solutions that enhance the patient expe- rience and benefit the provider through programmatic devel- opment, tenant co-investment and enhancing portfolio mon- etization. MAREJ
KING OF PRUSSIA, PA —Mediplex Property Group (MPG) has begun retrofitting a two-story, 16,000 s/f build- ing at 880 East Swedesford Road in King of Prussia, PA. Upon completion in mid-2023, Mediplex King of Prussia will house a state-of-the-art ambulatory surgery center, specialized lab space and clinical offices. Strategically located at the nexus of US 202, US 422, I-76 and the PA Turnpike, the site features prominent highway frontage and is directly across from King of Prussia Town Center, a major mixed-use retail and residential complex. Pre-leased in its entirety to an international healthcare provider, Mediplex King of Prussia is the latest addition
880 East Swedesford
to MPG’s growing portfolio of healthcare focused real estate.
Linn Architects of Media, PA and construction is being
PROJECT TEAM The project was designed by
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