January 10, 2020
Norvin Healthcare Properties acquired 3 Crescent Dr., a medical office building in the Philadelphia Navy Yard, from Liberty Property Trust. Deal terms weren’t disclosed.
The 96,000-square-foot MOB is leased to Thomas Jefferson University Hospitals, which uses it as an outpatient facility. The property is located at the gateway to the Navy Yard.
Norm Livingston, Norvin’s president, said the off-market acquisition of the “trophy” asset was the culmination of more than a year of work.
“We approached Liberty upon hearing of their plans to divest of all non-industrial assets in their portfolio,” he said. “We knew they had a few interesting medical assets and we were able to secure a contract for 3 Crescent Dr.”
He added, “The quality of the tenancy and the long lease term should provide a strong, reliable stream of cash flow for our investors for years to come.”
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