Reading, PA – Mediplex Property Group LLC (Mediplex) has expanded its business operations into Berks County, Pa., with the acquisition of a landmark five-story, 105,000-square-foot mixed-use, medical-residential property adjacent to the Albright College campus in Northeast Reading.
The property, known as Rockland Hall, features ground-floor outpatient healthcare services provided by Tower Health Medical Group and Reading Hospital Outpatient Therapy, along with some 230 beds of apartment-style student housing units on the top four floors being master-leased to Albright College on a long-term basis.
Prominently situated adjacent to the campus of Albright College, Rockland Hall enjoys direct access off Route 12 and the regional highway network, outstanding visibility, and proximity to a cluster of well-known national and regional retailers.
The acquisition of Rockland Hall not only represents a natural evolution in Mediplex’s business model, said Jeffrey Goldstein, a principal with Mediplex Property Group, it also represents an intentional partnership between Mediplex and Albright College to bolster the Northeast Reading area.
“The delivery of quality outpatient healthcare facilities has always been the cornerstone platform of our business,” said Goldstein. “Mediplex is now leveraging this expertise to maximize the social impact of our investments. We actively seek relationships with experienced operators and advocates of student, senior, and veterans housing who are similarly dedicated to the communities we serve. We hope that Rockland Hall will be the first of many Berks County and Reading-area projects. And Mediplex is excited and honored to partner with Albright College to ensure that its students, staff and the surrounding Northeast Reading community will benefit in the decades to come from this and future redevelopment opportunities.”
Albright College President Jacquelyn S. Fetrow, Ph.D., said she is grateful for the partnership with Mediplex and excited for the opportunities it holds for the Albright and Northeast Reading communities.
“Albright College has been an anchor institution in Northeast Reading since 1929,” said Fetrow. “As we prepare our students of academic promise to succeed in a dynamic world, our connection to the city of Reading fuels discovery and learning. And in turn, colleges have been shown to be key ingredients to economic development and growth. Partnering with Mediplex will help us to continue our commitment to a thriving community in northeast Reading.”
Mediplex Property Group, LLC is a sector-specific real estate investor and assignment-driven developer now entering its third decade of growth. Its mission is to create a constructive legacy of community improvement by focusing on facilities providing enhanced healthcare and other essential human services. Mediplex actively seeks profitable, often overlooked, investment opportunities that are socially responsible and economically sustainable.
Founded in 1856, Albright College is a diverse community of learners, where we cultivate integrity, curiosity, connection and resilience. The college’s flexible curriculum encourages students to combine and cross majors to create individualized academic programs. Close faculty mentorship and numerous experiential learning options create opportunities for Albright graduates to exceed their own expectations. Located in Reading, Pa., Albright enrolls more than 1,700 full-time undergraduates, adult learners and graduate students.