Anchor Health Properties Purchases 1740 South Street from University of Pennsylvania Health System and Begins Complete Renovation
Wilmington, DE – December 11, 2007– Anchor Health Properties, which has established a distinguished national track record for bringing the strengths of the retail experience to the healthcare consumer and their communities, has completed the purchase of the medical office building at 1740 South Street in Philadelphia from the University of Pennsylvania Health System. Financial terms were not disclosed.
The five-floor medical office building at 1740 South Street currently houses the Penn Wound Care Center, and was originally acquired by the University of Pennsylvania Health System from the former Tenet Healthcare System in early 2007. The property was constructed in 1987.
Anchor Health Properties will reposition the building as a professionally-managed, upgraded medical office building which they will operate, unaffiliated with any hospital group.
“During the past 10 years, Anchor Health Properties has pioneered a new vision for healthcare real estate development, bringing the strengths of the retail experience to the healthcare industry,” said Lou Sachs, co-founder and President of Anchor Health Properties. “We are excited to bring our proven, successful approach to the medical office building at 1740 South Street, and for the opportunity to create a showcase in Philadelphia.
“The property at 1740 South Street has great bones and a great structure, but is in need of an upgrade of its systems as well as its aesthetics,” Sachs said. “We have begun renovating the building this month and anticipate completing the renovations by late spring. We’ve reached agreements with a great group of physicians representing diverse practice areas who will significantly enhance the services available to the community in the south Rittenhouse Square area of Philadelphia.”
Among the medical practices expected in the new 1740 South Street property are dialysis; wound care; pediatrics; primary care for adults; ophthalmology; neurology (specializing in multiple sclerosis research); podiatry; dentistry; and pediatric psychology.
Anchor Health Properties is no stranger to the Greater Philadelphia region. Among the outstanding facilities developed by the company are the Health & Wellness Center by Doylestown (PA) Hospital, Capital Health System in Hamilton (NJ), Good Shepherd Health & Technology Center (Allentown, PA), and the Hazleton (PA) Health & Wellness Center.
About Anchor Health Properties:
Founded in 1985 as a developer of innovative and exciting retail centers, Anchor Health Properties has evolved into a national firm devoted exclusively to the development of medical and healthcare facilities. The company’s projects help providers redefine the way they deliver healthcare, creating positive healthcare experiences for the consumer and a competitive edge for the provider. Additional information about the company is available at http://www.anchorhealthproperties.com/.
Media Contact:
Jim DeLorenzo
Phone: 215-564-1122
E-mail: jim@jhdenterprises.com
The five-floor medical office building at 1740 South Street currently houses the Penn Wound Care Center, and was originally acquired by the University of Pennsylvania Health System from the former Tenet Healthcare System in early 2007. The property was constructed in 1987.
Anchor Health Properties will reposition the building as a professionally-managed, upgraded medical office building which they will operate, unaffiliated with any hospital group.
“During the past 10 years, Anchor Health Properties has pioneered a new vision for healthcare real estate development, bringing the strengths of the retail experience to the healthcare industry,” said Lou Sachs, co-founder and President of Anchor Health Properties. “We are excited to bring our proven, successful approach to the medical office building at 1740 South Street, and for the opportunity to create a showcase in Philadelphia.
“The property at 1740 South Street has great bones and a great structure, but is in need of an upgrade of its systems as well as its aesthetics,” Sachs said. “We have begun renovating the building this month and anticipate completing the renovations by late spring. We’ve reached agreements with a great group of physicians representing diverse practice areas who will significantly enhance the services available to the community in the south Rittenhouse Square area of Philadelphia.”
Among the medical practices expected in the new 1740 South Street property are dialysis; wound care; pediatrics; primary care for adults; ophthalmology; neurology (specializing in multiple sclerosis research); podiatry; dentistry; and pediatric psychology.
Anchor Health Properties is no stranger to the Greater Philadelphia region. Among the outstanding facilities developed by the company are the Health & Wellness Center by Doylestown (PA) Hospital, Capital Health System in Hamilton (NJ), Good Shepherd Health & Technology Center (Allentown, PA), and the Hazleton (PA) Health & Wellness Center.
About Anchor Health Properties:
Founded in 1985 as a developer of innovative and exciting retail centers, Anchor Health Properties has evolved into a national firm devoted exclusively to the development of medical and healthcare facilities. The company’s projects help providers redefine the way they deliver healthcare, creating positive healthcare experiences for the consumer and a competitive edge for the provider. Additional information about the company is available at http://www.anchorhealthproperties.com/.
Media Contact:
Jim DeLorenzo
Phone: 215-564-1122
E-mail: jim@jhdenterprises.com