Thomas Park Investments (TPI) acquired its first Philadelphia-area medical office building with the purchase of Towne West Professional Center at 1120 Township Line Road in Havertown, Penn.
The 22,071-square-foot property is fully occupied with a roster of highly regarded health providers, including American Treatment Network, Axiva Infusion Center, ChanceLight Autism Services, E&A Therapy and Labcorp. The building offers exceptional visibility in a well-established neighborhood and features easy access to public transportation and major roadways, including Interstate 476, US Route 1 and PA Route 3.
“The Philadelphia market offers a strong network of healthcare providers and a diverse employment base,” says EJ Rumpke, TPI’s chief executive officer. “We intend for this to be the first of many acquisitions in the area.”
The acquisition is part of a larger TPI strategy to purchase medical office buildings in the Amtrak Acela Corridor that spans from Richmond, Va. to Boston, Mass. TPI’s relationship-centric approach focuses on assets that allow patients convenient access to care.
“Well-established medical buildings like Towne West Professional Center are an essential component of community care,” says Alex Kopicki, TPI’s chief investment officer. “We value our role in offering mission critical services to the community.”
TPI worked with NAI Geis Realty Group on the sale and will retain the company as the property manager. Genworth Financial was TPI’s financial partner on the transaction.
About Thomas Park Investments
Focused exclusively on healthcare real estate, Thomas Park Investments (TPI) is the fastest growing private equity real estate firm in its specialty within the mid-Atlantic. Founded in 2019, TPI’s leadership offers more than 25 years of commercial real estate experience and manages nearly 300,000 square feet of medical office capacity. The Annapolis, Md.-based firm is on a fast-paced trajectory to complete $100 million of medical office building acquisitions in 2021.