 |
| 1740 South Street, a 50,000-SF medical office building in the highly-coveted Rittenhouse Square submarket of Philadelphia, PA |
PHILADELPHIA, PA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 1740 South
Street, a 50,000-square-foot, medical office building in the highly-coveted
Rittenhouse Square submarket of Philadelphia, PA on behalf of the seller,
Chestnut Funds and Anchor Health Properties.
 |
| Ben Appel |
1740 South Street is adjacent
to the Penn Medicine Rittenhouse campus, which comprises a 96-bed hospital,
licensed through the Hospital of the University of Pennsylvania.
Additionally, the property is positioned between the Penn
Medicine University City campus and the Thomas Jefferson University campus
within the Rittenhouse Square and Graduate Hospital neighborhoods, which are
some of the wealthiest areas of Philadelphia with average household incomes
exceeding $130,000.
Renovated in 2010,
1740 South Street is 97% leased to a diverse mix of private physician groups.
 |
| Evan Kovac |
The HFF investment advisory
team representing the seller was led by members of HFF’s healthcare capital
markets team, including managing directors Ben Appel and Evan Kovac
and directors Andrew Milne and Zachary Drozda.
“Philadelphia is home to one
of the nation’s largest concentrations of healthcare and higher education
institutions, including the adjacent UPenn Health System, the oldest health
system in the country; and 9th top-ranked in 2018,” noted
Appel.
“Yet, relative to other U.S. cities, health systems own more
of their outpatient real estate, leaving fewer ownership opportunities for
medical office investors.
"This creates very strong demand for quality
healthcare assets in and around Philadelphia when those opportunities sporadically
arise.”
 |
| Andrew Milne |
About Chestnut Funds
Chestnut Funds is a commercial real estate fund management firm located in
Chattanooga, TN. Chestnut’s family of funds focus on investment
opportunities too large to efficiently source capital yet too small for
institutional investors.
The company invests in multiple property types
alongside operating partners through its funds with a defined focus and
strategy.
CONTACTS:
BEN APPEL
PA Lic. #RS312185
HFF Director
(212) 872-9903
EVAN KOVAC
HFF Managing Director
(206) 576-0050
KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572
No comments:
Post a Comment