Monday, June 6, 2016

Patient First Medical Center In Devon, PA Sells For $2.86M

by Steve Lubetkin,
he Patient First Medical Center located at 133 Lancaster Avenue in Devon, PA, has sold for $2.858 million.

“The sale of the Patient First in Devon was a ‘win-win’ scenario as the seller achieved a very aggressive cap rate and the buyer acquired an irreplaceable piece of Philadelphia’s Main Line."

“Due to our marketing process we were able to expose, negotiate and close on the asset leased to a non-investment grade tenant before construction of the building was completed."

The 7,000 square-foot building is located directly in front of the Devon train station. With the sale of the property comes a 20 year corporately guaranteed ground lease and no landlord responsibilities of expenses.

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