A nearly 63K SF, 93% occupied medical space in a Philadelphia suburb has traded to a national investor.
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Indianapolis-based Cornerstone Cos. bought the Stone Manor Medical Office Building at 2800 Kelly Road in Warrington from Philadelphia-based Carlino Commercial Development, according to a press release from broker CBRE. It didn't disclose the sale price, but the Philadelphia Business Journal reported it was $17.25M.
The building’s tenants include dialysis provider Fresenius Medical Care and an ambulatory surgery center operated by Bucks County Surgical Suite and United Surgical Partners International.
The building, constructed in 2007, had a weighted average lease term of nearly 10 years at the time of the sale.
Carlino was represented by a CBRE team including Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof, Jesse Greshin, Tom Stone, Doug Rodio, Bruer Kershner and Jerry Kranzel.
SALES
Clemens Food Group purchased the Goodwill-anchored Muhlenberg Square shopping plaza in Reading. The fully occupied property went for nearly $6.2M, according to a social media post from MSC Director of Investment Sales Jesse Dubrow, who represented the buyer.
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Alterra Property Group is under contract to buy McGlinchey’s Bar, an iconic watering hole at 259 S. 15th St. in Center City, The Philadelphia Inquirer reported. It is carrying out the transaction under an affiliate called Great American Bar Scene LLC, which is a reference to a song by country singer Zach Bryan that mentions the pub.
CONSTRUCTION AND DEVELOPMENT
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Developers plan to break ground on the 274-unit AVE Horsham complex at 723 Dresher Road on Tuesday. The project is a collaboration between Korman Communities, RXR, Chuo Nittochi, Goodman Properties and CBG Building Co.
LEASES
Fusion Gyms has signed a roughly 26K SF lease in the art deco-style McClatchy Building at the corner of 69th and Market streets in Upper Darby, CoStar News reported. The company has plans for an adjacent theater and entertainment concept, according to Colliers Senior Vice President Todd Sussman, who represented Fusion.
FINANCING
The city of Philadelphia’s Housing Trust Fund issued $83M in its 2024 and 2025 fiscal years, according to a statement from Department of Planning and Development Director Jessie Lawrence. That brings the vehicle’s total investment to $360M since it was created in 2005.
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