CBRE announced today the $7.4 million sale of a 25,150 sq. ft. veterinary practice located at 2626 Van Buren Avenue in Norristown, Pennsylvania.
The CBRE Net Lease Team comprised of Michael Shover, Matthew Gorman, Thomas Finnegan, and Rob Thompson represented the seller, LMP Van Buren LLC, a local fund who bought the property in 2019, while also procuring the buyer, CVVF Norristown-Met LLC, who is based in Nashville, TN and has a fund dedicated to buying veterinary practices.
Built in 1987 and fully renovated in 2019, Metropolitan Veterinary Associates has been occupying the state-of-the-art space for more than 15 years, offering 24-hour emergency services to its patients.
“Pet related industries have been steadily growing for years however that trend was accelerated by the pandemic, driving pet ownership figures to their highest levels,” said Shover. “As you might expect, the demand for veterinary services has only increased and commercial real estate investors now see this segment of the industry as a medically-related stable and safe harbor for the foreseeable future.”
“Met Vet is our most recent veterinary-related sale but comes on the heels of another high-profile transaction, Blue Pearl in Malvern, PA,” added Gorman. “We’re experiencing a lot of growth and consolidation within the vet segment and the demand for investment real estate backed by these tenants is robust.”
2626 Van Buren Avenue is located on a 2.6-acre parcel in close proximity to the interchange of Route 363 (Trooper Road) and Route 422, providing easy access to Phoenixville, Oaks and Pottstown to the west, and King of Prussia, the Pennsylvania Turnpike and the greater Philadelphia region to the east.