Wednesday, January 8, 2020

Liberty Property Trust Sells Navy Yard Facility in Philadelphia for $62.3 Million

New York-based Norvin Healthcare Properties has purchased a fully leased outpatient medical office building in Philadelphia from Liberty Property Trust for $62.3 million, or about $654 per square foot.

The 95,261-square-foot building at 3 Crescent Drive is anchored by Jefferson Health, an investment grade health system and one of the two leading healthcare providers in the Philadelphia area.

Additional tenants include NYU, Mt Sinai, Methodist Health System, MD Anderson, UT Health, LifeBridge and CHI, among others.

Developed by the seller in 2009, the four-star facility spans 5.5 acres at Navy Yard, a more than 1,200-acre campus with 6.3 miles of waterfront and 165 businesses employing more than 13,500 people.

Norvin President Norm Livingston said in a statement, "We approached Liberty upon hearing of their plans to divest of all non-industrial assets in their portfolio. We knew they had a few interesting medical assets and we were able to secure a contract for 3 Crescent Drive."

Livingston said the asset will be added to the Norvin Core Plus Fund, which targets healthcare properties leased to credit tenants with long-term leases.

"We’re very pleased with this acquisition and look forward to acquiring similar assets as we expand our portfolio in Philadelphia and throughout the East Coast," Livingston stated.

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