Monday, June 17, 2019

Chestnut Funds, Anchor Health Properties Sell Rittenhouse Square Facility

Chestnut Funds and Anchor Health Properties sold a Class B medical office building in the Rittenhouse Square submarket of Philadelphia to a private investor for an undisclosed price.

The 50,000-square-foot facility at 1740 South St. is adjacent to the Penn Medicine Rittenhouse campus, which comprises a 96-bed hospital, licensed through the Hospital of the University of Pennsylvania. Built in 1986 and renovated in 2010, the facility is 97% leased to a diverse mix of private physician groups.

"Philadelphia is home to one of the nation’s largest concentrations of healthcare and higher education institutions, including the adjacent UPenn Health System, the oldest health system in the country; and 9th top-ranked in 2018. Yet, relative to other U.S. cities, health systems own more of their outpatient real estate, leaving fewer ownership opportunities for medical office investors. This creates very strong demand for quality healthcare assets in and around Philadelphia when those opportunities sporadically arise," Appel said in a statement.

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