This Week's Philadelphia Deal Sheet
Jefferson Health has completed construction of Honickman Center and plans to open to patients on April 15.
The new 462K SF Center City outpatient center includes 300 exam rooms, 10 operating rooms, six endoscopy rooms, an on-site lab, a pharmacy, radiology services and 58 infusion chairs. It was designed as a one-stop medical center, according to Jefferson Health.
“The Honickman Center stands as our flagship medical facility in Center City and as the epicenter of a more than $1 billion urban development project in East Market,” Jefferson Health CEO Dr. Joseph Cacchione said in an announcement.
“The Honickman Center will offer convenient and centralized access to a broad range of signature medical specialties. Every detail — from our sunlit, healing spaces and calming design elements to the pet-friendly areas that welcome patients with service animals— has been designed to create an exceptional patient and consumer experience.”
The center houses specialties including general surgery, gastroenterology, hepatology, hematology, infectious diseases, nephrology, otolaryngology, head and neck surgery, perioperative optimization, rheumatology and urology.
The health system tapped National Real Estate Development to conceptualize and develop the Honickman Center project, which was designed by Ennead Architects. Stantec oversaw the interior design of the clinical floors, while BLTa of Philadelphia was responsible for the design of the below-grade garage and site improvements for the project.
LEASES
JLL has secured a lease for Morris James, which is relocating to The Tower at Avenue North in Wilmington, Delaware.
JLL managed the deal on behalf of owner Delle Donne & Associates, leasing up six floors totaling 43K SF for Morris James at the building, which is still under construction.
The law firm will relocate from Wilmington’s central business district to The Tower at Avenue North, located at the intersection of U.S. 202 and Powder Mill Road.
The 100K SF building includes two stories of retail space and 10 stories of offices, according to EDiS Co. With Morris James’ lease, the tower is 75% leased. It is anticipated to be fully leased by early summer, according to JLL.
JLL Executive Vice President Jamie Vari handled leasing.
SALES
Marcus & Millichap has secured the sale of a 53K SF shopping center in Parkesburg for $7.1M, the firm announced last week. The shopping center is at 108 W. First Ave. on a 7-acre site.
Joseph French Jr. and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester office, had the exclusive listing to market the property for a private investor in Fort Lauderdale, Florida, and procured the buyer, a private investor from Exton.
“After a lengthy process, we were able to secure a private investor who agreed to pay a 7.50% cap rate for this newly leased shopping center, anchored by Grocery Outlet,” French said in a release.
CONSTRUCTION AND DEVELOPMENT
A Graduate Hospital-area site has undergone construction framing for a $3.6M mixed-use development, local permits show.
The 1731 Washington Ave. site will span 36K SF upon completion and features ground-level commercial space, apartments and at least 24 parking spaces. The units will have elevator service, a roof deck, balconies and bicycle storage. Construction at the site has had several delays, according to OCF Realty's property blog.
THIS AND THAT
Another Philadelphia-area Wawa location is set to close, this time at 2000 Hamilton St., near the Philadelphia Museum of Art.
The convenience store at 21st and Hamilton streets in Rodin Place is the seventh in the city to shutter in recent years, the Philadelphia Business Journal reported. Sam Newman, president at Loddington Management, the property manager for Rodin Place, told the PBJ that it had decided to go a different direction with the retail space when Wawa's lease is up in September.
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Philadelphia’s 2024 real estate tax bills are due March 31. The Philadelphia Tax Center offers a way to pay with prompts after selecting “Search for a property” under the site's Property panel. All bills can be paid without additional charges via e-check, according to the city of Philadelphia.
