MRA Group Acquires 40,000 Square Foot Medical Office Building in Lansdale, PA with Plans for Extensive Renovations

HORSHAM, Pa., Aug. 10, 2023 /PRNewswire/ -- MRA Group (MRA), a privately held real estate development and client services firm, has announced its acquisition of the former LMG Medical Building, a 40,000 square foot medical office complex situated on over 10 acres, at 1001 S. Broad Street in Lansdale, Pennsylvania. MRA has extensive renovation plans to modernize the building façade, deliver energy efficient improvements, and change the name to Lansdale Medical Building (LMB).

LMB is a well-known medical facility strategically located at the intersection of Allentown Road and Broad Street. Currently, LMB is 50% leased with tenants ranging from family practice, orthopedic surgery, physical therapy, imaging, and lab diagnostics. LMB's proximity to a vibrant community of over 138,000 residents within a five-mile radius, in addition to easy access to Route 309 and the Northeast Extension of the PA Turnpike make this medical office building desirable for the community and tenants.

MRA President & Partner Mike Wojewodka stated, "We look forward to breathing life back into this destination community medical office facility. 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."

MRA's capital improvement plans will provide an enhanced experience for tenants, currently anchored by Grand View Health, LMG Family Practice, and Labcorp. These upgrades are expected to be completed by the end of 2024.

About MRA Group

MRA Group (MRA), based in Horsham, PA, is a privately-held, vertically integrated real estate development and client services firm servicing the healthcare, higher education and life sciences sectors. Founded in 1991 by CEO and founding partner, Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With 32 years of value-add and ground-up development experience, along with providing a full suite of real estate solutions to our clients, MRA has developed and continues to manage more than 4.5M square feet of medical, life sciences and office real estate, and has structured over $2B of financial transactions. A few recent and notable development projects include Chestnut Run Innovation and Science Park, Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, the Lab at the University of Pennsylvania's Pennovation Works Campus, and TEK Park among others. Learn more at www.mragroup.net.

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Brendan Farrell
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SOURCE MRA Group