Philadelphia MOB Changes Hands

Marple Commons. Image courtesy of CBRE

Maryland-based Thomas Park Investments has acquired Marple Commons, a medical office park totaling 57,760 square feet in Broomall, Pa. The previous owner, Hudson Cos., sold the asset for $11.6 million. The asset was purchased through the Thomas Park Growth Fund I, launched in late 2022 with a capacity to acquire $250 million in real estate.

According to CommercialEdge data, the property last traded in 2001, when Hudson Cos. purchased the buildings for $6.2 million. The same data provider shows the property was subject to a loan of $7.5 million as of 2015, provided by Deutsche Bank.

Senior Vice President Stephen Marzullo, Vice President Adam Silverman, alongside First Vice President Stephen Kriz of CBRE spearheaded the marketing of the park and represented the seller.

The three-building medical office park came online in 1985. The Class B property sits on 3.7 acres and includes three passenger elevators, controlled access and offers 289 parking spaces with a ratio of 5 spots per 1000 square feet. At the time of the sale, the facilities were 98 percent leased to a mix of 21 tenants, including Premier Orthopaedics, Children’s Hospital of Philadelphia, Kidney Care Specialists and Labcorp.

The property is located at 2000, 2002 and 2004 Sproul Road, roughly 12 miles from downtown Philadelphia, near Interstate 476. The medical campus is 6.7 miles from Mercy Fitzgerald Hospital and 7.2 miles from Lankenau Medical Center.

Last year, Thomas Park Investments partnered with Artemis Real Estate Partners to invest $500 million in the acquisitions of medical office buildings, with a focus on markets across the Mid-Atlantic and Northeast.