Jones Lang LaSalle Americas, Inc. (“JLL”), has been retained on an exclusive basis to arrange the sale of 357 South Gulph Road in King of Prussia, Pennsylvania (the “Property”), a 98% leased, 3-story medical office building totaling 47,934 square feet. The Property is located in the heart of King of Prussia, Philadelphia’s premier suburban submarket. Additionally, the Property features a diversified tenant roster of eight tenants with a balanced lease expiration schedule and a WALT of 5.34 years.
STRONG MEDICAL TENANT ROSTER
- Over 95% of 357 South Gulph Road is leased by medical tenants. As procedures and services are increasingly moving to medical office buildings, rather than in-patient care, the market will continue to see a shift in office buildings occupied by specialty medical tenants. Furthermore, medical tenant’s that have a specialty often demonstrate a very stable cash flow because of insurance payments. This in turn provides a sense of credibility, because more often than not, credit reports are not readily available for smaller medical tenants in the market.
PROXIMITY TO AREA HOSPITALS
- 357 South Gulph Road is located within a 10-mile radius of 9 regional hospitals, making the Property an ideal location for medical uses affiliated or sharing synergies with these surrounding hospitals. 202 Private practice medical users can also benefit from referrals from these hospitals and utilize resources of these larger health care providers.
AMBULANCE ACCESSIBLE COVERED PARKING & EMERGENCY ACCESS
- 357 South Gulph Road features a ground floor parking level with 28 covered spaces, currently used for patient parking. The lower-level parking space is covered and ambulance accessible which is an attractive quality to many medical office users. Additionally, the elevator cabs are 3,500 lbs and stretcher capable.