University City building sold for $110.5 million
UrbanAmerica L.P. of New York today said it sold an 18-story office building at 3535 Market Street to Israel-based Pro-Med Market, L.L.C. for $110.5 million.
UrbanAmerica L.P. of New York today said it sold an 18-story office building at 3535 Market Street to Israel-based Pro-Med Market, L.L.C. for $110.5 million.
The 435,352 square-foot building is in the University City Science Center Park. UrbanAmerica purchased it in December 2002 for approximately $80 Million. Major tenants include the University of Pennsylvania, Children's Hospital of Philadelphia, and FedEx Kinkos.
The property "is in the heart of a dynamic sub-market with quality lead tenants that value the building's close proximity to their main facilities," said David Monzella, vice president of acquisitions at UrbanAmerica, who directed the sales process.
CB Richard Ellis, Inc. represented UrbanAmerica in the transaction.
Founded in 1998, UrbanAmerica specializes in revitalizing urban centers through investment of institutional capital in commercial real estate.