Constitution Health Plaza in South Philadelphia sells to local investment firm for $77M

BG Capital has paid $77 million for Constitution Health Plaza, a 295,000-square-foot medical office building at 1930 S. Broad St. in Philadelphia.

BG Capital of Philadelphia bought the building in partnership with the Hampshire Cos. of New Jersey and Arbah Capital of Saudi Arabia. The property was 95% occupied at the time of the sale with the City of Philadelphia, Malvern Behavioral Health, University of Pennsylvania Medicine, Mercy Health Systems, and the Kidney Center of South Philadelphia as leading.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Jefferson Health’s $762M Specialty Care Pavilion reaches construction milestone

Thomas Jefferson University and Jefferson Health topped off a $762 million, 19-floor Specialty Care Pavilion at 11th and Chestnut streets that will eventually become the centerpiece of its Philadelphia campus.

The construction milestone brings the new building and the overall East Market mixed-use development closer to completion. 

National Real Estate Development, developer of East Market, began East Market in 2014 and worked through each phase from Market Street to Chestnut Street. Jefferson’s building will be the fifth and last for the developer at the project.

“This is special,” said Dan Killinger, president of National. “We started excavation in February 2020 and the world began shutting down. Jefferson had to manage the health crisis in the moment while thinking about its future and our role was to allow that future to happen.”

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Thomas Jefferson Specialty Care Pavilion Nearly Topped Out At 1101 Chestnut Street In Market East, Center City

While the greater share of Philadelphia’s new developments are rising on the western side of Center City, the east side of the city is raising its profile, as well. In Market East, a steel beast is rising at 1101 Chestnut Street as part of the Jefferson Health expansion. Designed by Ennead Architects and Stantec developed by National Real Estate Development, he Thomas Jefferson Specialty Care Pavilion will stand 372 feet and 23 stories tall.

Another tower was supposed to join the Jefferson tower to the west at 1153 Chestnut Street, but the proposal is currently on hold, and a public park will take its place for the time being.

The foundation that was planned for the two towers had the work start all the way back in November 2019 when it was announced that demolition would start on the garage at the site. By January 2021, excavation was complete and the foundation was heavily underway in the next month with the cranes installed in April. In June of the same year, the basement floors of the tower was underway, with the steel structure starting to rise above ground in August. The tower reached the halfway point in November as it was also appearing in the skyline.

*Article courtesy of Philly YIMBY

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Temple Health System reveals plans for former Cancer Treatment Centers of America campus

Temple University Health System unveiled plans Thursday to convert the former Cancer Treatment Centers of America hospital campus it acquired earlier this year into a hospital for women’s health.

The $30 million project for the campus at 1331 E. Wyoming Ave. in Philadelphia still must be reviewed, and approved, by the Pennsylvania Department of Health.

The Philadelphia Business Journal first reported Temple was considering using the campus for women’s health services in June.

Michael A. Young, CEO of Temple University Health System, said the hospital will offer a myriad of services focused on women’s health needs.

“Temple University Hospital’s new specialty campus will offer women and families a safe, welcoming environment, complete with modern, spacious patient areas and outdoor landscaped walking trails creating a tranquil setting in the heart of Philadelphia,” Young said.

A key area of focus will be on maternity care.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Fully Built Out Medical Space for Sale on Locust Street

1200 Locust Street, Philadelphia, PA

Wolf Commercial Real Estate, a premier Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, is now offering fully built out Philly medical space for sale at 1200 Locust Street Philadelphia PA.

This Philly medical space for sale is a four-story building and this Philly medical space for sale has +/- 7,045 square feet of medical space for sale in Philly. Please call for the asking sale price for this medical space in Philly. This Philly medical space at 1200 Locust Street Philadelphia PA is in the heart of Center City Philadelphia.

This Philly medical space contains one operating room and multiple exam rooms. There also are multiple private offices and two reception areas at this Philly medical space. In addition, there is an existing elevator shaft at this Philly medical space for sale. This Philly medical space for sale at 1200 Locust Street Philadelphia PA is being brokered through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

This Philly medical space for sale at 1200 Locust Street Philadelphia PA is an income-producing property with an in-place tenant. Also, this medical space for sale in Philly is just steps away from the entrance to the 12th/13th & Locust Street station of the PATCO High-Speed Line.

There are nearly 77,000 residents living within one mile of this medical space for sale in Philly at 1200 Locust Street Philadelphia PA and the average household income in that same radius of this Philly medical space for sale is $83,294. This Philly medical space for sale is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

For more information about this Philly medical space for sale at 1200 Locust Street Philadelphia PA or about any other Philly commercial properties for sale or lease, please contact Sean Kelly (856-630-5806; sean.kelly@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

First look: Inside Penn Medicine’s $1.6 billion Pavilion

Penn Medicine is set to begin providing patient care on Oct. 30 at its $1.6 billion Pavilion, a 17-story building it is describing as the “future of medicine.”

The 1.5-million-square-foot building in West Philadelphia — across the street from the Hospital of the University of Pennsylvania and adjacent to the Perelman Center for Advanced Medicine — includes 504 private patient rooms and 47 operating rooms.

The Pavilion, the largest capital project in Penn’s history, will be home to the Hospital of the University of Pennsylvania’s oncology, cardiovascular care and neuroscience departments.

Kevin Mahoney, CEO of the University of Pennsylvania Health System, was asked by the Business Journal about what makes the Pavilion unique. His response covered the following four themes:

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

University City Building Sells for $79M as Life Sciences Market Remains Red Hot

GI Partners, a San Francisco investment firm, has paid $79 million, or roughly $567 a square foot, for 3701 Market St. in the University City neighborhood of Philadelphia.

The sale of the 8-story, 141,913-square-foot building highlights how life sciences properties trade at a premium and continue to attract outside real estate investors to Philadelphia and the region.

Spring House Innovation Park in Lower Gwynedd, a building that houses the University of Pennsylvania’s translational research lab at 125 S. 31st St. in University City along with the WuXi Apptec portfolio at the Philadelphia Navy Yard are among life sciences and health care properties to have recently sold to national firms from outside of the Philadelphia area. In other cases, international firms have also made investments in these Philadelphia properties.

The sale prices of those properties have been steep. For example, 125 S. 31st. sold last December for $634 a square foot and an equity stake in Spring House Innovation went for $211 a square foot that same month.

Interest in the life sciences sector has gained momentum as a result of how the city and region are positioned as a leader in cell and gene therapy.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Four Story Philly Medical Space for Sale on Locust Street

1200 Locust Street, Philadelphia, PA

Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available Philly medical space for sale in a four-story building at 1200 Locust Street Philadelphia PA.

Please call for the asking sale price of this medical space for sale in Philly. For additional information, contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This Philly medical space for sale at 1200 Locust Street Philadelphia PA is in the heart of Center City Philadelphia. In addition, this medical space in Philly is an income-producing property with a tenant currently in place.

Medical equipment and facilities included in the purchase of this Philly medical space for sale at 1200 Locust Street are an operating room, multiple private offices, multiple exam rooms, and two reception areas. This medical space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

Nearly 77.000 potential customers live within a one-mile radius of this Philly medical space for sale at 1200 Locust Street Philadelphia PA through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.  The average household income in the same five-mile radius of this Philly medical space for sale is $83,294.

For more information about this Philly medical space for sale at 1200 Locust Street Philadelphia PA, or about any other Philly commercial properties for sale, please contact Sean Kelly (856-630-5806; sean.kelly@wolfcre.com) or Phil Costa (215-799-6195; phil.costa@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, medical buildings, and other Philly commercial properties for buyers, tenants, investors, and sellers. Please visit our websites for a full listing of Philly commercial properties for sale through our Philly commercial real estate brokerage firm.

Life Sciences Companies Sign HQ Leases in Chester County as Deals Begin to Pick Up

Three life sciences companies have leased space for their headquarters in two different corporate centers in Chester County, making long-term commitments to the region.

Though it explored options in the suburbs and Philadelphia, Castle Creek Biosciences Inc. decided to stay in its 86,500 square feet at Eagleview Corporate Center in Exton, where $20 million will be spent in upgrades to the company’s manufacturing and research space. It signed a 10-year deal.

Around the corner, Frontage Laboratories signed a 10-year renewal on its 80,000-square-foot headquarters at 700 Pennsylvania Drive in Eagleview. It also signed another 70,000-square-foot, 10-year lease in a nearby building in the office park where Hankin Group, the landlord, undertook a $15 million project to construct new labs.

Down Route 202, XyloCor Therapeutics, a gene therapy company working on a treatment for patients with cardiovascular diseases, signed a lease on 3,800 square feet at 1550 Liberty Ridge in Chesterbrook. The space will serve as the fledgling company’s first headquarters. It outgrew using temporary space at Life Sciences Pennsylvania offices off Swedesford Road in Wayne.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

After Nearly 2 years on the Market, Valley Forge Medical Center is Getting a New Owner

A Montgomery County behavioral health care hospital that was put up for sale nearly two years ago is getting a new owner.

Avenues Recovery Center of Lakewood, New Jersey, expects to close on its acquisition of Valley Forge Medical Center on June 14.

Financial terms of the deal are being kept confidential.

Valley Forge Medical Center, an 88-bed addiction treatment center in East Norriton, will become the ninth facility in Avenues’ growing national network.

Founded in 2016, Avenues Recovery Center has an existing local facility in Jamison, Bucks County. Its other substance abuse treatment centers are in Maryland, Louisiana, New Hampshire and Indiana.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.