CBRE Arranges $11.6 Million Sale of Three Medical Office Buildings Totaling 57,760 SF in Broomall, PA
January 4, 2023
CBRE announced today the sale of Marple Commons, a three-building medical office park totaling 57,760 sq. ft. at 2000, 2002 and 2004 Sproul Road in Broomall, PA. Maryland-based Thomas Park Investments acquired the buildings for $11.6 million.
The CBRE Capital Markets Team of Stephen Marzullo and Adam Silverman, along with Stephen Kriz of CBRE’s Advisory & Transaction Services, spearheaded the marketing of the park and represented the seller, Hudson Companies of Hermitage, PA. In the past 18 months, the Marzullo and Silverman team has exclusively represented and closed five medical office and life sciences investment property sales totaling $42.5 million on behalf of private capital clients.
“Thomas Park was attracted to Marple Commons for its locational advantages, a proven and densely populated medical node with an attractively diverse medical rent roll. Thomas Park expects to continue to attract high caliber medical tenancy to the asset given the assets convenient location, abundant parking, and future building enhancements planned for the months and years ahead,” said Mr. Marzullo.
At the time of sale, Marple Commons was 98% leased to a diversified mix of 21 tenants including Premier Orthopaedics, Children’s Hospital of Philadelphia (CHOP), Main Line Healthcare, Kidney Care Specialists and Labcorp.
Thomas Park Investments purchased Marple Commons through Thomas Park Growth Fund I, an investment vehicle that has aggregated over $3 million of NOI over the last eight months by purchasing PA and NJ medical office assets. With a ripe pipeline the portfolio is positioned to continue its growth into 2023.
“It was a pleasure working with CBRE and the Hudson Companies on this transaction. We intend to carry their good work on the asset forward,” said Alex Kopicki, CIO, Principal at Thomas Park Investments.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.