CBRE announced that it has arranged for the sale of Phoenixville Medical Office Building I—a 62,175 square-foot facility located at 824 N. Main Street in Phoenixville, Pennsylvania. The three-story office building, which is situated on the Phoenixville Hospital Campus, was acquired by PMOB I, LLC, a Missouri limited liability company, for a sale price of $8,135,000. The property was sold subject to a ground lease.

CBRE Executive Vice President Peter Stevens represented the seller, Phoenixville Medical Building Associates and a group of doctors with practices in the building, during marketing and negotiations.

“This transaction took over a year to close due to the nuances in the ground lease and the Phoenixville Hospital being sold during the marketing phase of the property, which created a very complicated transaction,” said Mr. Stevens.

Built in 1991, Phoenixville Medical Office Building I is currently 90 percent leased to an array of medical tenants including Phoenixville Hospital, Clinical Care Associates and Tri-County Urologic. The medical office building, which is located just 8 miles from King of Prussia and 27 miles from Philadelphia, offers tenants and visitors abundant parking surrounding the hospital, which is owned by Tower Health Systems.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.