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Medical Associates to Sell 61,470-SF Asset

PHILADELPHIA-The three-story building at 491 Allendale Rd. is located on 5.25 acres and includes 237 parking spaces. The University of Pennsylvania Health System is among the major tenants, and the property is 95% leased.

By Marita Thomas | Updated on September 25, 2002

PHILADELPHIA-King of Prussia, PA-based Medical Associates is selling its 61,470-sf, three-story, medical office building there. The property is located on 5.25 acres at 451 Allendale Rd.

The land contains 237 parking spaces, and the facility is easily accessible to I 76, Hwy. 202 and the Pennsylvania Turnpike.

The asking price is undisclosed. Average asking rental rate for office space in this submarket is approximately $26.50 per sf, according to GlobeSt.com research, which is about $4 per sf above the overall average for suburban Philadelphia markets.

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