Multi-Tenant Medical Office Building Anchored by Children's Hospital of Philadelphia
Norristown, PA
The Opportunity
Summary
- Price $3,871,000
- Cap Rate 7.00%
- NOI $270,984
- Building Size 17,973 SF
- Parcel Size 1.50 Acres*
- Year Built / Renovated 1991 / 2019
- Avg. Remaining Lease Term: 3.8 Years
* Denotes an estimate
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a multi-tenant medical office in a multi-tenant medical office property anchored by the Children's Hospital of Philadelphia and Jefferson Health., (the “Property” “Medical Office Building”) in Norristown, PA, a suburb of Philadelphia. The Children’s Hospital of Philadelphia (CHOP) is an investment-grade rated (Moody’s: A3 / S&P: A-) tenant, the #4 ranked and largest pediatric care network in the country, and #1 ranked in Pennsylvania. The seller expanded and renovated the building in 2019 after CHOP signed a 10-year NNN lease. After being across the street for 20+ years, the relocation allowed CHOP to expand the number of appointments as well as extend the services offered. Norristown Family Physicians (”NFP”), owned by Jefferson Health (Moody's: A3 / S&P: A-) after their recent merger with Einstein Healthcare Network. Jefferson Healthcare is a multi-state non-profit health system with over 34,500 employees and 2,851 licensed beds. Additionally it's ranked #3 by U.S. News for Best Hospitals in Pennsylvania. They have demonstrated commitment to this location by exercising multiple renewal options.
