CBRE Group, Inc. (CBRE) announced today that the team of Matthew Gorman and Michael Shover have brokered the sale of the Patient First Medical Center located at 133 Lancaster Avenue in Devon, Pennsylvania, for a sale price of $2,857,000. Gorman and Shover represented both the buyer and seller during the transaction.
“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,” said Gorman. “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,” added Shover.
The 7,000 square-foot building is ideally located directly in front of the Devon train station, a Philadelphia Main Line community. With the sale of the property comes a 20 year corporately guaranteed ground lease and no landlord responsibilities of expenses.
Matthew Gorman and Michael Shover (NLPG Philadelphia) lead CBRE’s Mid-Atlantic net-lease team, specializing in the marketing and sale of single and multi-tenant net-lease investment real estate. In their ten-year history, the team has sold more than $1 billion in net lease properties nationwide.
About Patient First
Since opening our first medical center in 1981, Patient First's vision remains the same: making access to quality medical care as convenient and cost-effective as possible. To achieve this objective, we have adopted and continue to embrace many innovative operating systems and practices. These innovations, along with sophisticated, automated registration and treatment systems and our commitment to an excellent medical staff and quality of care have been widely accepted, allowing Patient First to expand considerably over the years. Patient First now offers both primary and urgent care services and participates in most insurance plans. We also provide a broad range of Occupational Health services. There are currently 65 Patient First centers in the mid-Atlantic region.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
