Pisula Development acquires Philadelphia medical office portfolio in joint venture
Texas-based firm partners with Harrison Street on the acquisition of two Philadelphia MOBs 46 percent leased by Thomas Jefferson University Hospital
Pisula Development Company recently announced the acquisition of 8001 (top) and 8040 Roosevelt Blvd., a two-building medical office building portfolio in Philadelphia.
THE WOODLANDS, Texas, Oct. 4, 2017 – The Woodlands-based Pisula Development Company recently announced the acquisition of 8001 and 8040 Roosevelt Blvd., two existing medical office buildings (MOBs) in Philadelphia totaling 86,639 square feet. The two buildings, located on a 1.73-acre site, are anchored by the prestigious Thomas Jefferson University Hospital.
The acquisition of the portfolio was completed by PDC-HSRE JV, a joint venture between Pisula Development and Harrison Street Real Estate (HSRE). The properties were acquired through a commercial mortgage backed securities (CMBS) loan assumption. The transaction closed Feb. 21.
“Pisula Development Company is happy to participate in another great project and joint venture with Harrison Street, by acquiring well-occupied properties in the vibrant northeast Philadelphia healthcare market,” says Jim Pisula, Chief Financial Officer and Principal, Pisula Development Company. “Helping Thomas Jefferson University Hospital to expand clinical services at the site is well aligned with our goal to partner with strong operators and fulfill pressing market healthcare needs through outstanding real estate opportunities.”
The five-story, 58,879 square foot 8001 Roosevelt building was constructed in 1973, with renovations completed between 2013 and 2016. The three-story, 27,760 square foot 8040 Roosevelt building was constructed in 1965.
The properties are 92 percent leased with 47 percent leased by Thomas Jefferson University Hospital. Services offered include urgent care, a heart institute, vascular surgery, family practice, imaging, podiatry, dental, periodontics and oral surgery, hematology, oncology, prosthetics and dermatology.
Both properties are managed by an affiliate of Pisula Development Company.
Ben Appel, Senior Director of Holliday Fenoglio Fowler LP’s (HFF) Healthcare Practice Group represented the seller, a real estate investor based in New York.
About Pisula Development Company
Pisula Development Company is the development arm of RRC Medical Real Estate LLC (RRC), a full-service, commercial real estate firm with offices in Texas, Colorado and Pennsylvania. RRC’s headquarters are located in The Woodlands, Texas, a suburb of Houston. RRC provides property, asset and facilities management services for over 1.9 million square feet of commercial real estate. Through its Pinecroft Realty LLC subsidiary, RRC provides leasing and brokerage services. RRC strives to provide these services in a cost-effective manner while creating an alignment of interest among all parties. RRC is also committed to developing energy efficient buildings when possible. As a recognized leader and innovator in the industry, RRC continues to attract and retain a distinguished and growing roster of tenants, lenders and investment partners. For more information, please visit www.PinecroftRealty.com.
About Harrison Street Real Estate Capital LLC
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 100+ person team with approximately $12.2 billion in assets under management. For more information, please visit www.harrisonst.com.