This Week's Philadelphia Deal Sheet
Drexel Hill is set for a new $75M medical complex in the heart of a mixed-use development.
MCB Realty has broken ground on a 60K healthcare medical office, the next part of the redeveloped Drexeline Town Center, the company announced on LinkedIn.
The future complex is already 100% leased to Delaware County Human Services and Children’s Hospital of Philadelphia, MCB announced.
“This new location for our Drexel Hill Primary Care practice will improve CHOP's visibility in the community and provide better accessibility for our families,” David Kontra, head of real estate for CHOP, posted on LinkedIn following a groundbreaking last week.
The three-story Drexeline medical office is set to deliver this year, according to a brokerage listing.
“The medical office building asset class is thriving,” MCB principal Drew Gorman said in his post. “The use is benefitted by the discernable advantages of a suburban-located retail shopping center or mixed-use project including a strategic location off major highways, excellent roadside visibility, and plentiful and free parking."
SALES
Dunhill Auto Group has purchased the former Springfield Mitsubishi of Atlantic City at 7018-7024 Black Horse Pike.
Colliers Senior Vice President Rich Weitzman represented the private seller, and Dunhill principals Artem and Yan Chertok led the purchase of the 18K SF, 8.5-acre property, now called Mitsubishi of Atlantic City. Terms were not disclosed.
The property was last purchased in 2015 for $6.25M by a buyer registered in Philadelphia, according to Atlantic County property records.
DEVELOPMENT
Local developer Urban Intent will open two new apartment buildings in Olde Kensington this summer, the Philadelphia Business Journal reports. The developer will open a 110-unit building with a rooftop infinity pool at 1775 N. American St. called The Americana at some point this summer and will open the 88-unit Copper Flats building at 2009 N. Howard St. about a month later.
The company also owns three other multifamily developments. The two projects will total 500 units.
THIS AND THAT
New York-based fashion brand M.M.LaFleur will open a boutique location on 1700 Sansom Street in Rittenhouse Row on June 15th. The location will be the company’s first in Philadelphia. Brittany Goldberg of MSC represented both the tenant and the landlord, Zukin Realty, in the deal.
