MRA Group acquires Upper Gwynedd medical office building, plans extensive renovations

HORSHAM — MRA Group, a privately held real estate development and client services firm headquartered in Montgomery County has announced that it recently closed on two transactions.

The first is its acquisition of a 40,000-square-foot medical office complex in Upper Gwynedd — the LMG Medical Building, 1001 S. Broad St. Situated on 10-acres in the township, LMG Medical Building is 50% occupied with tenants ranging from family practice, orthopedic surgery, physical therapy, imaging, and lab diagnostics.

In announcing the acquisition Aug. 10, MRA said it is planning extensive renovations to the complex, which include modernizing the building façade, delivering energy efficient improvements, and changing the name to Lansdale Medical Building.

“We look forward to breathing life back into this destination community medical office facility,” Mike Wojewodka, MRA president and partner said in a statement. “With the improvements we are making, the ideal location in the Lansdale/North Wales area, and the current tenants in place, we plan to attract more healthcare providers bringing significant benefit to the surrounding community.”

The complex is currently anchored by Grand View Health, LMG Family Practice, and Labcorp. According to MRA, its planned capital improvement plans will provide “an enhanced experience for tenants.” The upgrades are expected to be completed by the end of 2024.

The complex is strategically located at the intersection of Allentown Road and Broad Street, according to MRA. Its proximity to a community of more than 138,000 residents within a five-mile radius, as well as easy highway access, “make this medical office building desirable for the community and tenants,” the company said in a press release.

Terms of the transaction were not released.

MRA also announced it has secured $63 million in additional debt for the ongoing redevelopment of Chestnut Run Innovation & Science Park — known as CRISP — in Wilmington, Del., a 164-acre, 14-building campus.

MRA acquired DuPont’s Chestnut Run Lab Campus in November 2021 renaming it Chestnut Run Innovation & Science Park.

In announcing the funding Aug. 16, MRA said it will use the funds for the continued redevelopment efforts at CRISP. Among those efforts are the renovation of buildings for lab, R&D, and advanced manufacturing. Additional plans for the campus include amenities such as a hotel, a fitness center, conference space, an outdoor amphitheater, and accommodations for food services.

Fulton Bank in conjunction with Nuveen Green Capital through C-Pace financed $50 million, while the remaining $13 million was provided by WSFS Bank.

“Our continued relationship with Fulton and WSFS Bank, along with our new relationship with Nuveen Green Capital are testaments to the capital markets’ belief in the long-term vision of CRISP,” Phil Butler, MRA executive vice president and partner, said in a statement. “I’m very proud of our team’s ability to execute on creative capital structures that allow us to accomplish our goals, particularly during this challenging economic environment.”

MRA Group is based in Horsham Township, Montgomery County, servicing the healthcare, higher education and life sciences sectors. Founded in 1991 by CEO and founding partner, Lawrence J. Stuardi, MRA has developed and continues to manage more than 4.5 million square feet of medical, life sciences and office real estate, and has structured over $2 billiom of financial transactions. Among the firms’ development projects are Spring House Innovation Park in Lower Gwynedd Township, Montgomery County and the Holy Redeemer Medical Building at 201 Veterans Way in Warminster, Bucks County.

Learn more at www.mragroup.net.