When the Merion Building in King of Prussia hit the market, Ilya Hvostikov knew it was a must-buy. The vice president of acquisitions at Florida-based Onicx Group, and a Philadelphia local, saw the value in the 71,800-square-foot medical office property at 700 S. Henderson Road.

Hvostikov convinced Onicx to buy the building for $11.8 million from American Healthcare REIT, marking the firm’s first investment in the region. The Merion Building, located at the prominent intersection of South Gulph and South Henderson roads near Gulph Mills Golf Club, offers high visibility from I-76.

The property sold at a significant discount from its last sale price of $18.5 million in 2015. At that time, it was 98% leased. Today, occupancy has dropped to 75%, with Main Line Spine as the anchor tenant, occupying approximately 19,000 square feet.

*Article courtesy of The Philadelphia Business Journal

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