13C — January 11 - 24, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Firm grows senior affordable housing portfolio Tryko acquires Robert H. Stinson Tower in Chester
Seavest & TCC begin development of Westmoreland County hospital
HEMPFIELD TWP, PA, and WHITE PLAINS, NY — Patients of Allegheny Health Network (AHN), a subsidiary of Highmark Health, will soon have a new convenient, state- of-the-art care option in Hemp- field Township, Westmoreland County, about 30 miles south- east of Pittsburgh. Real estate investment firm Seavest Healthcare Properties, LLC and development partner, Trammell Crow Company (TCC) announced a new, class A, 75,000 s/f care facility for AHN, a leading integrated de- livery care system in Western PA. The new Hempfield facility, consisting of an emergency department and 10-bed, small-
HESTER , PA — Tryko Partners, LLC (Tryko) has added 150 affordable senior housing units to its portfolio with the ad- dition of Robert H. Stinson Tower in Chester. The pri- vate equity investment group this fall acquired the 13-story building at 1501 Arbor Dr. “Tryko has a strong presence in the regional market, includ- ing Philadelphia, its suburbs and Southern New Jersey,” said Uri Kahanow, the firm’s director of acquisitions. “This includes multifamily – with a blend of senior and traditional, affordable and market rate – as well as skilled nursing and assisted living. Robert H. Stinson Tower was a logical fit in terms of both location C HFF arranges $12.35M sale of Norriton Medical Center Phila. EASTNORRITON, PA — Holliday Fenoglio Fowler, L.P. (HFF) announced the $12.35 million sale of Norri- ton Medical Center, a 74,212 s/f medical center anchored by Einstein Orthopedics and Moss Rehab in the Philadel- phia suburb of East Norriton. The HFF team represented the seller, an indirect wholly owned subsidiary of Frank- lin Realty Development Corporation. Located in Greater Phila- delphia, Norriton Medical Center is ideally situated directly in the shadow of the area’s largest hospitals, Einstein Medical Center Montgomery (1.4 miles) and Suburban Community Hospital. The 7.31-acre site is located at 160-190 West Germantown Pike. The four- building complex is currently 92% leased and features the area’s only nationally ranked rehabilitation facility that operates under the Einstein Healthcare Network um- brella. The HFF team represent- ing the seller included senior director Ben Appel and the national healthcare capital market team as well as se- nior managing directors Jim Cadranell and Doug Rodio and managing director Brett Segal. HFF co-marketed the asset with the property’s leasing team, Beacon Re- alty Advisors.
and product type, as senior affordable housing continues to be an attractive sector for investment.” The City of Chester sits in Delaware County, approxi- mately 20 miles from Phila- delphia. Tryko’s planned im- provements for the property include immediate upgrades to its elevator cabs, to be followed by additional renovations to systems, units and grounds. Wells Fargo Multifamily Capital, through its Fannie Mae execution, provided fi- nancing for the Robert H. Stinson Tower acquisition.
format hospital; a full-service cancer center; and medical office space, is part of a neigh- borhood hospital complex the Network is building at the in- tersection of Route 30 (Lincoln Highway) and Agnew Rd. The small-format AHN hos- pital is a joint venture of AHN and Emerus. Construction of the Hemp- field project commenced in July, with completion of the cancer center anticipated by late summer 2019. Emerus Hempfield rendering
Robert H. Stinson Tower
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