262,000 Square Foot Former Hospital Facility is Majority Leased to Montgomery County’s Human Services Center
NORRISTOWN, PENNSYLVANIA January 11, 2023 – Colliers is pleased to announce the investment sale of 1430 DeKalb Street in Norristown, Pennsylvania. Eric Grad, Vice President of Investment at Colliers, was part of the brokerage syndicate including Flynn Company & CBRE whom collaboratively managed the sale process on behalf of Ownership to a private out of state Seller. The property traded for $22,500,000.
1430 Dekalb Street is a prominent institutional facility and community service center of the Norristown area, spanning 3.12 acres and multiple city blocks. It is a 5-story building of 262,000 square feet, with a substantial adjacent parking deck, that was formerly known as Sacred Heart Hospital.
Local governmental tenant the Montgomery County (Moody’s: Aaa / Fitch: AA) Department of Health and Human Services is the majority occupier at 1430 DeKalb, leasing more than 125,000 square feet within the property for health and well-being services offered through its Human Services Center.
“In a market with rising inflation there is still advantage for well-placed investment, but it takes perseverance and creativity to follow through.” shared Grad. “This is a fantastic example of the collaborative sales process Colliers undertakes and the success we can achieve. ”
The transaction was completed in partnership with Flynn Company and CBRE.
For further information:
Eric Grad, Vice President, Investment
+1 215 928 7509 | Eric.Grad@colliers.com
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