CRE sustainability efforts are facing a period of uncertainty after the Trump administration’s tax bill was passed last week, but capital is still flowing into energy-efficient construction projects in Philadelphia.
Malvern Treatment Centers, which serves patients struggling with addiction, plans to open a fourth location in a 138K SF building at 3905 Ford Road in Wynnefield Heights after construction wraps up this December.
Property owner BG Capital utilized the Philadelphia Commercial Property Assessed Clean Energy program to borrow nearly $11M from Nuveen Green Capital to install an energy-efficient HVAC system and LED lighting.
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The financing was arranged by the Philadelphia Energy Authority, which manages the Philadelphia C-PACE program.
BG Capital bought the property for $10.8M in June 2022.
The building was constructed in 1965. It started its life as the West Park Hospital, which was consolidated into the Thomas Jefferson University Hospital system in 1987. Jefferson sold the property for almost $2.7M in 2005, according to city property records.
It eventually housed a residential treatment program run by Wordsworth Academy, a private school for youth with special needs. The location shut down in 2016 after a 17-year-old staying there died following a physical altercation with staff, PhillyVoice reported.
SALES
Realterm purchased an 8.1-acre industrial outdoor storage property outside Harrisburg. The site at 6330 Basehore Road in Mechanicsburg, which is fully leased to Ryder Truck Rental, includes a 7K SF maintenance shop.
LEASES
Lehigh Valley Health Network extended its lease at the Cedar Crest Professional Park at 1255 S. Cedar Crest Blvd. in Allentown. Their contract for 100K SF was set to expire at the end of last year but has now been extended through March 2027, Morningstar Credit reported.
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Korman Communities is almost ready to start leasing apartments at its AVE Navy Yard complex in South Philadelphia, a collaboration with Ensemble Investments and Mosaic Development Partners. Move-ins will begin this fall. Interested renters can sign up for early information through the AVE Living website.
CONSTRUCTION AND DEVELOPMENT
Seaford City Council in Delaware has approved developer David Perlmutter’s plans for a 194-unit, mixed-use project on the site of a defunct power plant, Morning Star Publications reported.
PEOPLE
FCA Architects Director of Urban Planning and Design Eric Galipo has joined the Design Advocacy Group’s steering committee, the firm announced in a LinkedIn post.
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