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Norvin Properties buys Philadelphia property for $65M

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Norvin Properties buys Philadelphia property for $65M

New York-based Norvin Properties acquired a 96,000-square-foot building at the Philadelphia Navy Yard from Liberty Property Trust for $65 million or $682 per square foot, the Philadelphia Business Journal reported.

Three Crescent Drive is fully leased to Thomas Jefferson University Hospitals Inc., on a long-term basis. The building also houses Jefferson Health Surgical Center.

New York-based Norvin focuses on properties leased to medical tenants. The property will be added to the Norvin Core Plus Fund, which targets health care properties leased to credit tenants with long-term leases.

Liberty Property Trust is in a deal to be acquired by Prologis Inc. for $12.6 billion.