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Colliers Completes $22.5M Investment Sale of 1430 Dekalb Street in Norristown

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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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About Colliers International

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Eric Grad

Vice President - Investment

Philadelphia

Eric joined Colliers’ Investment Sales division in early 2019, focusing on Healthcare and Suburban Office assets. Eric’s refreshing approach employs thoughtful and creative marketing strategies that are grounded in an exceptionally strong financial understanding of capital structuring and debt markets that puts him in lockstep with an owner’s goals. It is the invariable intricacies and complications of sales transactions, and building solutions, that he finds most rewarding about commercial real estate and why he is such a valued partner to his clients. Throughout his career, Eric has been involved in the underwriting of transactions valued at over three billion. 

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