This Week’s Philadelphia Deal Sheet
Medical real estate veteran Kim Kretowicz has joined Wolf Commercial Real Estate as its executive vice president of healthcare services.
Kretowicz provides guidance for health systems, hospitals, physician groups, investors and developers, and transactional services for acquisitions, dispositions, joint ventures and sale-leasebacks.
Kretowicz was the senior vice president and healthcare fellow in Colliers International's national healthcare services group and a member of Colliers' national capital markets group. She spent five years at the firm, according to LinkedIn.
Her addition to the company is part of its expansion in the Northeast.
“We're thrilled to expand not only our North and Central Jersey market but also our national healthcare presence with Kim taking the lead,” WCRE Managing Principal Jason Wolf said in an announcement.
“Her client-focused mentality and deep understanding of the healthcare real estate sector undoubtedly will drive significant growth for our firm and add tremendous value to the team, community, and our clients.”
LEASES
Wolf Commercial Real Estate represented Safelite Auto Glass in securing a seven-year lease for 5K SF at 640 Carbondale Highway in Dickson City.
A partnership between WCRE and CORFAC International facilitated the deal. WCRE Vice President Eric Flocco served as Safelite’s tenant representative. The property’s landlord is Rancho Sheetz LLC.
FINANCING
Real Property Capital closed a $6.4M construction loan for the adaptive reuse and redevelopment of 527 W. Girard Ave.
Pennbrook Partners is developing a 38-unit mixed-use apartment building at the site, Real Property founder and President Brenner Green told Bisnow.
The loan features a five-year, fixed-rate term with an interest rate of 6.75% through construction and the first 24 months interest-only. The loan was underwritten at 75% of cost and 63% of stabilized value.
THIS AND THAT
Philadelphia has snagged two spots on a list of the 10 largest life sciences developments set to open this year, according to a new CommercialSearch ranking.
3201 Cuthbert St., a 519K SF project being developed by Gattuso Development Partners, and Brandywine Realty Trust's 435K SF Schuylkill Yards at 3151 Market St. ranked No. 5 and No. 9 on the list, respectively.
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Philadelphia County led the regional pack for highest average rental rate among industrial properties last year, according to data released by Avison Young Tuesday.
Philadelphia County’s average triple-net rent came in at $15.42 per SF in 2023. Nearby Delaware and Burlington counties trailed, clocking in at $12.78 per SF and $12.64 per SF, respectively.
