Tuesday, April 28, 2015

Paoli Medical Plaza Sold

by Steve Lubetkin, GlobeSt.com

Paoli Office Park Partners, L.P., a partnership affiliated with Blank Aschkenasy Properties of West Conshohocken, PA, has sold its Paoli Medical Plaza, a 99,059 square foot medical campus adjacent to Paoli Hospital, to Griffin-American Healthcare REIT III, Inc., through its sponsor, American Healthcare Investors, LLC, for an undisclosed amount.

“This is a premier medical center with some of the highest quality multi-tenant medical office space in the Philadelphia region. It is strategically located next to Paoli Hospital, and there is a great synergy between the tenants of the campus and the hospital.”

“We continue to experience significant capital focused on healthcare real estate investment, causing on-going yield compression. Paoli Medical Plaza attracted a diverse mix of institutional and private investors from across the US.”

Paoli Medical Center is comprised of three buildings and is anchored by Main Line Health, which also owns and operates Paoli Hospital. Main Line Health occupies 37 percent of the properties for clinical, billing, and administrative uses. The campus also includes several other prominent healthcare tenants including Paoli Hematology/Oncology, Philadelphia Hand Center, Premier Orthopedics, Aligned Medical Group, Urology Health Specialists, Women’s Health Care Group of PA and LabCorp.

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