Press Releases
Marcus & Millichap Brokers $3 Million Sale of Fully Leased Medical Office in York Metro Area
January 03, 2025
YORK, Penn., Jan. 3, 2025 – 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 a 10,000-square-foot medical office property at 1550 Rodney Road, York, Pennsylvania. The property, fully leased to the University of Pittsburgh Medical Center (UPMC) under a triple-net lease structure, sold for $2,926,000.
“Given the long-term lease and excellent location of this asset, we procured multiple offers from both out-of-state and local investors,” said Spencer Koch, investment associate. “We ultimately closed with an exchange buyer from California, marking the fourth UPMC location our team has transacted on in the past 18 months.”
Marcus & Millichap’s Spencer Koch, Scott Gould, Rory Shelby and Christopher Biuso exclusively marketed the property on behalf of the seller. Timothy B. Stephenson Jr is the firm’s broker of record in Pennsylvania.
UPMC, Pennsylvania’s largest hospital system, provides primary care and lab services at this location, complementing its nearby 104-bed UPMC Memorial Hospital. The property recently underwent significant capital improvements and is near major transportation routes, including U.S. Route 30 and Interstate 83. It is also positioned within a commercial corridor with proximity to retail, dining, and other healthcare services.
“Given the long-term lease and excellent location of this asset, we procured multiple offers from both out-of-state and local investors,” said Spencer Koch, investment associate. “We ultimately closed with an exchange buyer from California, marking the fourth UPMC location our team has transacted on in the past 18 months.”
Marcus & Millichap’s Spencer Koch, Scott Gould, Rory Shelby and Christopher Biuso exclusively marketed the property on behalf of the seller. Timothy B. Stephenson Jr is the firm’s broker of record in Pennsylvania.
UPMC, Pennsylvania’s largest hospital system, provides primary care and lab services at this location, complementing its nearby 104-bed UPMC Memorial Hospital. The property recently underwent significant capital improvements and is near major transportation routes, including U.S. Route 30 and Interstate 83. It is also positioned within a commercial corridor with proximity to retail, dining, and other healthcare services.
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About Marcus & Millichap, Inc. (NYSE: MMI)
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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
