Medical office part of 9-building sale

Deal includes 72,000-square-foot Einstein Medical Building in East Norriton

PHILADELPHIA >> An East Norriton medical office building has been sold as part of a large, multistate medical office portfolio sale announced by commercial real estate firm CBRE.

The firm has completed the sale and financing of a nine-building medial office portfolio totaling approximately 470,000 square feet in four states. The sale includes the 71,685-square-foot Einstein Medical Building, 609 W. Germantown Pike in East Norriton.

“This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” Chris Bodnar, vice chairman of capital markets for CBRE, said in a press release announcing the sale.

The name of the buyer and the sale price are not being disclosed. The sale closed Dec. 13.

The East Norriton medical office building was built in 2012, and is located on the campus of the 146-bed Einstein Medical Center. The facility features a modern exterior design with a covered entrance and a two-story lobby. Also known as the Minerva D. Braemer Medical Arts Building, the property connects to the hospital via an enclosed pedestrian walkway with floor to ceiling windows, according to CBRE.

Also included as part of the portfolio are medical office buildings located in Elgin and Oak

Lawn, Ill., Lake Elmo and Duluth, Minn., Sterling and Centreville, Va.

According to CBRE, the portfolio featured over five years of weighted average lease term (WALT).

Bodnar, Lee Asherm, Ryan Lindsley and Jordan Selbiger and of CBRE’s Healthcare Capital Markets team served as advisors for the transaction and sourced the buyer for the portfolio sale. In