BG Capital has sold its medical office campus in Philadelphia’s Port Richmond neighborhood for $53.1 million.
The campus, comprising three medical office buildings, was purchased by the New Jersey-based commercial real estate company, the Hampshire Cos., and its international investment partner, Arbah Capital.
The sale resulted in BG Capital BG Capital has sold 90% equity ownership to the Hampshire Cos. for the three properties.
The campus’ three assets consist of a renovated 200,000-square-foot, multi-tenant office building, located at 2301 E. Allegheny Ave., a renovated 30,000-square-foot, single-tenant medical office building, and a new 16,000-square-foot, ground-up recreational facility for a medical office tenant.
BG Capital originally acquired the formerly-distressed campus properties in 2017. The company then completed a renovation program for more than 230,000-square feet of medical office space.
The firm coordinated a full lease-up of 100% occupancy with existing anchor tenants and new healthcare providers and users at the renovated buildings.
The campus is currently tenanted by Temple University Health Systems, Pediatric Dental Advisors, Ambrosia Treatment Centers and others.
Additionally, BG Capital and the Hampshire Cos. have recently formed a strategic joint-venture partnership to develop 7.1 acres of land, located near the campus at 2201 E. Allegheny Ave.
“We are very proud to revitalize a large Medicare facility in our home city of Philadelphia,” states Joseph Byrne IV, managing partner of BG Capital. “The jobs that were saved, and the additional jobs that were created in this process, along with the new and existing services provided to the community, truly define the success of this project. Our firm’s new strategic partnerships established with both domestic and foreign investors, are a testament to what has been and can be accomplished moving forward on future development projects.”
“The execution of a complex transaction of this magnitude in the middle of a global pandemic is an incredible representation of the proficiency and fortitude of our team here at BG Capital,” says Tyler Huffman, senior associate at BG Capital. “We are extremely excited to build off the relationships, knowledge and experience we have acquired through the development of this project to help propel the company moving forward into larger endeavors and deal sizes. In the end, being able to help bring additional healthcare services to a facility and area in need is an exceptionally rewarding project for all that were involved.”
*Article courtesy of Globest
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