This Week's Philadelphia Deal Sheet
Retail landlords continue to rely on healthcare tenants to fill larger blocks of space at their centers.
Urban Edge Properties has signed Nemours Children's Health to a 19K SF lease at Delaware County shopping center Broomall Commons, where it will replace a former grocery store, one of two in the center. Nemours will operate an outpatient facility offering a range of services from surgeries to occupational and speech therapy in a center anchored by an Amazon Fresh grocery store, which replaced a Giant in September.
Urban Edge, which spun off from Vornado Realty Trust in 2015 and owns six neighborhood retail centers in the Philadelphia suburbs, was represented by Metro Commercial in the lease transaction. Savills Senior Managing Director Catherine Pullen represented Nemours.
SALES
Prime Healthcare Services has acquired Roxborough Memorial Hospital in the Philadelphia neighborhood of the same name for $30M from Medical Properties Trust, the Philadelphia Business Journal reports. The sale price includes a medical office building on the hospital's campus.
Prime already operates the property and had leased it from Alabama-based MPT for 10 years. Roxborough was one of nine hospitals that Prime sold to MPT in 2012 in a sale-leaseback transaction, and it bought all nine back in a portfolio deal valued at $360M.
FINANCING
TPP Capital Management has landed a $675K loan from the Philadelphia Accelerator Fund, a financing vehicle for developers of color backed by $10M of city money, for the construction of an 88-unit affordable housing development in the Tioga neighborhood of North Philadelphia, Axios reports.
The development, which is targeting a 2025 completion, is meant to be the first phase of a wellness-focused, mixed-use complex centered around affordable and market-rate housing that was first announced in late 2020. Though TPP principal Clinton Bush told Bisnow in early 2021 that a TPP-managed fund had already raised $30M, fund manager Anthony Miles told Axios the PAF loan represents the project's "first dollars."
