Partnership To Spend $1M On Second Former Crozer Hospital: The Philadelphia Deal Sheet
A new but familiar buyer has been identified for a shuttered Delaware County hospital.
KQT Aikens Partners 2 has agreed to spend $1M on Springfield Hospital, which was previously part of the defunct Crozer Health system, The Philadelphia Inquirer reported.
The investor group purchased Taylor Hospital in nearby Ridley Park for the same sum in September.
A partnership between Restorative Health Foundation and Syan Investments LLC was previously slated to buy Springfield Hospital after it submitted the winning $3M bid in an October auction, but the deal never closed ahead of a deadline last month.
For the sale to go through, KQT needs the town to remove a deed restriction that requires the property owner to operate a 24/7 emergency room on the site. KQT is also requesting that tax officials set the property’s value at the sale price, which is what happened with the Taylor Hospital sale.
Crozer’s parent company, Prospect Medical Holdings, filed for bankruptcy last January, and large swaths of Delco have been left with diminished emergency care options ever since.
SALES
Hampshire Associates LP sold Hampshire Terrace, an 80-unit multifamily property at 108 Riverview Ave. in Neptune City, for $20M. This was the largest multifamily sale in the Jersey Shore municipality in at least a decade, according to CoStar data obtained by Kislak Co.
Kislak’s Robert Holland represented the seller, while his co-worker Daniel Lanni procured the unnamed buyer.
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Switzerland-based MZP AG has purchased a six-story mixed-use property at 1619 Walnut St. from Nuveen Real Estate for $5.2M, the Philadelphia Business Journal reported. The building, which is just 11% leased to ground-floor tenant New Balance, sold for over 70% less than it did in 2013.
LEASES
Pep Boys is expanding its office at One Presidential in Bala Cynwyd for the second time since 2022. The company will now occupy 72K SF, a little more than double its original footprint.
A CBRE team including Michael Monahan and Brian Smyth represented the tenant in lease negotiations.
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Easton Coach Co. leased 48K SF at Velocity Venture Partners’ 2572 Brunswick Pike outside Trenton in Lawrenceville. The company plans to use the space for vehicle storage and maintenance. Newmark’s Rob Loderstedt brokered the deal.
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Senior care provider Ennoble Care inked a nearly 15K SF office lease at Nessel Development’s One Executive Drive in Marlton. Wolf Commercial Real Estate represented the landlord.
FINANCING
Walker & Dunlop announced this week that it arranged a $44M Fannie Mae loan for Gelfund RE Opportunities' purchase of the 1835 Arch apartment complex in Center City, a $60M acquisition that the Philadelphia Business Journal reported last month. The 17-story building has 191 units and 9K SF of ground-floor retail.
