West Chester Office Closing: Johnson & Johnson Subsidiary
christopherwiener
Aug 23, 2023
1 min read
Updated: Sep 5, 2023
WEST CHESTER, PA, June 26, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of DePuy Synthes, a 36,053-square-foot office building located in West Chester, Pennsylvania. The asset sold for $7,100,000, or $196.93 per square foot.
“DePuy Synthes is one of the strongest orthopedic and neurological device suppliers on the east coast, as it is owned by Johnson and Johnson, the world's largest healthcare products company," said Nick Geaneotes.
Nick Geaneotes and Derrick Dougherty of Marcus & Millichap’s Philadelphia office procured the buyer, a New York based investment company with industrial and R&D properties throughout the region. The seller was a local family investor.
“This site was a great opportunity for our client because it offered stable and attractive financials with strong cash flow and annual rental increases in the heart of West Chester," said Dougherty.
DePuy Synthes is located at 1230 Wilson Drive in West Chester, Pennsylvania.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
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