Harrison Street Real Estate Capital Buys Medical Office Portfolio on Philadelphia

HFF closes $17 million sale of Philadelphia medical office portfolio anchored by Thomas Jefferson University Hospital.

February 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $17 million sale of two medical office buildings totaling 86,000 square feet and anchored by Thomas Jefferson University Hospital (Moody’s, A2) in Philadelphia, Pennsylvania.

HFF marketed the properties on behalf of an affiliate of George Comfort & Sons, Inc. Harrison Street Real Estate Capital LLC purchased the assets.

The properties, located at 8001 and 8040 Roosevelt Boulevard in Philadelphia, have undergone near complete renovations in the last 24 months and are 94.7 percent leased and anchored by Thomas Jefferson University Hospital. Services offered at the facilities include urgent care, the heart institute (and recent additional expansion space), vascular surgery, oral surgery, family practice, imaging, podiatry, dental, hematology oncology, periodontics and prosthetics and dermatology. The properties are located in the far northeast submarket of Philadelphia, along U.S. Route 1 just off of Trinity Health’s 231-bed Nazareth Hospital campus. This location is within one mile of nearly 1,500 senior housing and age-restricted units.

The HFF investment sales team representing the seller was led by director Ben Appel, managing directors Philip Mahler and Evan Kovac and senior managing director Eric Anton.

“The purchase of these assets is a testament to the strength of Philadelphia’s healthcare market, the quality of the Jefferson Health System and the first class medical office building George Comfort & Sons renovated,” Appel said.

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