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Construction Starts at 72,000 Sq. Ft. Outpatient Healthcare Facility in Penn Township

14 May 2014, 3:50 pm

By Veronica Grecu, Associate Editor

Anchor Health Properties, a Wilmington, DE-based development company focused on medical facilities, recently started construction on Penn Medicine Southern Chester County, a new outpatient healthcare facility located at the intersection of Route 1 and Route 79—two of the most heavily traveled roads in Chester County.

Penn Medicine Southern Chester County

Penn Medicine Southern Chester County

The 72,000-square-foot medical building in Penn Township will be anchored by the physicians and services of the Chester County Hospital. According to Anchor Health Properties, these services include imaging, lab draw, physical therapy, primary care as well as outpatient, same-day surgical procedures. Special amenities will include a concierge desk located in a two-story atrium, a café offering ready-to-go snacks and refreshments, a community resource room and outdoor event space. Penn Medicine Southern Chester County will be conveniently situated on a spacious 45-acre site with walking trails, meadows, landscaping and free parking.

The project’s construction manager is The Norwood Company of Malvern, while conceptual plans were designed by ARRAY Architects, according to the developer who hopes to finish construction at the site by spring 2015.

“The design creates a comfortable, high-quality healthcare experience for the convenience and customer service of physicians, patients and visitors, and utilizes building materials and landscape elements that reflect the history and environment of southern Chester County,” said Paula Crowley, CEO of Anchor Health Properties, in a press statement.

According to Chester County officials quoted by the Daily Local News, a market research study from 2009 found that the southern Chester County area needed an additional 21 physicians. However, given the fact that nearly 20 percent of Chester County Hospital patients come from the southwestern part of the region, the need is expected to grow to more than 30 by next spring.

 

Rendering courtesy of ARRAY Architects



Hospitality 3 Announces Study Hotels Concept for Philadelphia’s University City

7 May 2014, 8:21 pm

By Veronica Grecu, Associate Editor

Hospitality 3, a hotel and real estate development company with offices in Manhattan and New Haven, CT, is set to break ground on a new hotel facility in West Philadelphia.

The Study at University City - Philadelphia

The Study at University City – Philadelphia

The company announced it entered a long-term ground lease with Drexel University to develop a 10-story facility on the northwest corner of 33rd and Chestnut streets in the University City district. The 145,000-square-foot hotel called The Study at University City will be operated by Hospitality 3’s Study Hotels—a brand described as a lifestyle concept conceived to accommodate the news of university markets by offering high quality, full-service lodging.

“We are delighted to have secured such an incredible site in the heart of University City and a short walk from 30th Street Station,” said Paul McGowan, Hospitality 3 Principal. According to the company, McGowan himself developed the Study Hotels concept that caters to students and staff members in dense college and university areas. Designed to create an “urban retreat” for visitors, professors, students, families and locals, Study Hotels also look to have a strong relevance within the community by capturing the character of the area and the personality of the neighboring institutions—such is the case for The Study at Yale, Hospitality 3’s first hotel of this kind that was developed on the Yale University campus in New Haven, CT. The 124-key boutique hotel opened in 2008 and went on to become one of the favorite lodging options in the area (apparently Hollywood star James Franco lived there during his years at Yale).

Award-winning architecture firm DIGSAU created the conceptual design for the building in Philadelphia’s University City. The hotel will offer 212 guest rooms along with a restaurant that can accommodate more than 100 people, a fitness center and 7,000 square feet of meeting space.

According to Hospitality 3, the hotel project is scheduled for completion in 2016.

Rendering courtesy of DIGSAU



Liberty/Synterra JV Breaks Ground on 75,000 Sq. Ft. Building at the Navy Yard Commerce Center

30 Apr 2014, 4:09 pm

By Veronica Grecu, Associate Editor

Activity is buzzing at the old Philadelphia Navy Yard as the business campus continues to add new office buildings to accommodate the growing list of companies that are rapidly joining the site’s tenant roster.

4000 S 26th Street - Navy Yard Commerce Center

4000 S 26th Street – Navy Yard Commerce Center

Located in South Philadelphia and developed by the now-famous Liberty Property Trust/Synterra Partners partnership, the 40-acre Navy Yard Commerce Center is a master-planned project that consists of a mix of renovated historic buildings and new high-performance and LEED certified buildings. The Commerce Center is part of the Navy Yard, a 1,200-acre waterfront business campus designated as a Keystone Opportunity Improvement Zone (KOIZ) that is currently home to more than 11,000 employees and 143 companies in the office, industrial/manufacturing, and research and development sectors.

The Liberty/Synterra joint venture recently broke ground on its third flex building at the Navy Yard Commerce Center, an official statement shows. The 75,000-square-foot Class A commercial facility is located at 4000 S. 26th Street and is already fully pre-leased to three international tenants.

Conceptual plans for the $13 million development project were designed by Environetics, a New York-based architecture and interior design firm. Set for completion by December 2014, the single-story structure will join Liberty/Synterra’s two other build-to-suit flex buildings located at 4020 and 4050 S. 26th Street, which are also 100 percent leased.

“The appeal for high-quality flex space centrally located in the region continues to attract new companies to The Navy Yard, in this case from as far as China, Australia and the United Kingdom. With all five flex buildings in The Navy Yard at capacity, we will continue to meet this growing demand with plans already underway for our sixth flex building,” said Brian Cohen, Liberty Property Trust vice president and city manager at the ground breaking ceremony.

EcoSave, a large Australian energy efficiency company, announced earlier this year that it has chosen the Navy Yard as the location for its headquarters in the U.S. The company has already leased 20,000 square feet at 4000 S. 26th Street and plans to move in as soon as the building is completed.

Clinigen, a specialty global pharmaceuticals and services business based in the United Kingdom, will also set up its U.S. headquarters at 4000 S. 26th Street. According to the developers, the company will occupy approximately 10,000 square feet of space in the new building.

The third tenant is WuXi AppTec, Inc., a global pharmaceutical, biopharmaceutical, and medical device outsourcing company with operations in China and the United States. WuXi Apptec was Liberty’s first tenant in the Navy Yard in 2003, when it leased 75,000 square feet of research and development space. Reportedly, Wuxi AppTec will expand into 45,000 square feet of the building, bringing its total footprint in the navy Yard to nearly 130,000 square feet.

Rendering courtesy of Libery Property Trust and Synterra Partners



HOW Properties Working on New Student Housing Complex in West Philly

16 Apr 2014, 7:55 pm

By Veronica Grecu, Associate Editor

A local real estate management company is building a new student housing facility on Woodland Avenue in the west section of Philadelphia—or West Philly, where student housing is scarce though the area is home to several well-established universities such as the University of Pennsylvania, Drexel University, the University of Sciences in Philadelphia and Saint Joseph’s University.

4619 Woodland Avenue - West Philadelphia

4619 Woodland Avenue – West Philadelphia

West Philly Local reports that HOW Properties is currently working on a 20,000-square-foot complex at 4619 Woodland Avenue that will offer housing options to students enrolled in the University of Sciences in Philadelphia (USP). The 1,890-square-foot development site is a formerly vacant parcel that HOW Properties acquired in July 2013 for $865,000 according to data from PropertyShark.

The three-story building will include 16 housing units in a combination of two-, three-, four-, and five-bedrooms and only one studio. Reportedly, the project had an estimated completion date set for August but the developer decided to push this date until next summer because many students had already signed leases for the 2014-2015 school year. According to West Philly Local, the units will be available for rents between $800 and $3,200 a month but the prices are expected to change next year.

HOW Properties also included a commercial retail space on the ground floor of the building and hopes to work with the USP board to identify a tenant that would be beneficial for the area and the building’s residents.

 

Rendering credits: HOW Properties



Rittenhouse Realty Advisors Sells Wyndmoor Gardens Apartment Asset for $7.1 Million

14 Apr 2014, 1:52 pm

By Veronica Grecu, Associate Editor

A residential complex in Chestnut Hill, one of the most beautiful neighborhoods of Philadelphia, recently changed ownership in a $7.1 million transaction.

Wyndmoor Gardens - Chestnut Hill, Philadelphia

Wyndmoor Gardens – Chestnut Hill, Philadelphia

Rittenhouse Realty Advisors sold the Wyndmoor Gardens apartment community at 219 E. Willow Grove Avenue to an undisclosed local private capital group. Located directly across the street from the Wyndmoor SEPTA Regional Rail Station and offering convenient access to downtown Philadelphia, Conshohocken and King of Prussia, the horse shoe shaped complex consists of five residential buildings totaling 88 apartments (63 percent of which are two-bedroom units), one retail store and 21 income-producing garages.

“The property traded at a sub 5% CAP on trailing 12 month numbers in the heart of Chestnut Hill,” stated Ken Wellar, managing partner with Rittenhouse Realty Advisors.

Wyndmoor Gardens was sold with excellent value-add opportunity for the buyer as most of the units haven’t been renovated and are still rented at below the market average. Information from LoopNet.com reveals that average rents in the Chestnut Hill submarket range from $900-$1,000 per month for one-bedroom units to $1,300-$1,400 per months for two-bedroom units. According to Rittenhouse, the new owner of Wyndmoor Gardens plans to complete high-end upgrades to the 88 units which could push up rents by a whopping 25 percent.

 

Image via Rittenhouse Realty Advisors







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