Single Tenant Medical Office Building Leased to University of Pennsylvania Health System

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant medical office building leased to University of Pennsylvania Health System, (the “Property”) in Flourtown, Pennsylvania, a charming suburb located in Springfield Township, Montgomery County, just northwest of Philadelphia. The University of Pennsylvania Health System (UPHS) will operate on a brand-new, twelve (12) year lease and feature two percent (2%) annual rental increases throughout the base term. The owner made a large amount of capital investments, including a new roof which comes with a 20-year warranty, a new HVAC system, new windows and a new elevator which can accommodate a stretcher. The property is strategically located along Bethlehem Pike, a high traffic thoroughfare with 20,700 VPD, providing ample visibility to both local and pass-through traffic. The building will house two practices, one is an internal medicine practice which relocated from a nearby office complex. The family medicine practice was part of Chestnut Hill Hospital, which was recently acquired by Temple Health in a deal worth $28 million, spawning the practice to move. The new practice will consist of internal and primary care departments led by at least nine (9) doctors. Flourtown is just 10 miles northwest of Philadelphia and part of the Philadelphia MSA. The Philadelphia MSA is the 8th most populated metro area in the United States, home to over 6,246,000 residents as well as some of the nation’s top universities and numerous Fortune 500 companies. The 5-mile area surrounding the Property exhibits excellent demographics with a population of nearly 322,000 and 136,000 households. The average household income (AHHI) within 1-mile of the property exceeds $170,000, $143,000 for 3-miles, and $126,000 for 5-miles. The University of Pennsylvania Health System (UPHS), known as Penn Medicine, is a major multi-hospital health system headquartered in Philadelphia, Pennsylvania with an investment grade credit rating of Aa3 (Moody’s). Through its extensive network consisting of 6 hospitals and over 500 outpatient facilities and specialized facilities, Penn Medicine continues to be a leader in healthcare, education, and research, committed to improving the health and well-being of the communities it serves.