"We approached Liberty upon hearing of their plans to divest of all non-industrial assets in their portfolio. We knew they had a few interesting medical assets and we were able to secure a contract for 3 Crescent Drive," he adds.

Norvin Healthcare, which has offices in New York City and Houston, maintains a portfolio that is largely leased to strong-credit, non-profit health systems, including: New York University (NYU), Mount Sinai, Methodist Health System, MD Anderson, UT Health, LifeBridge, CHI and others.

The firm owns a total of approximately 2 million square feet of single-tenant and multi-tenant acute care, post-acute care, clinical and medical diagnostic office buildings. The acquisition of 3 Crescent Drive marks Norvin Healthcare's entrance into the Philadelphia medical office space market.

3 Crescent Drive is a Class A, mission-critical medical facility that has earned the Leadership in Energy and Environment Design® (LEED) Gold Certification. Anchored by Jefferson Health, other building occupants include Jefferson Health Surgical Center, a joint venture including Jefferson Health, The Rothman Institute and Nueterra Healthcare.

Steve Rooney, Norvin senior director of Acquisitions, notes the newly acquired property is located in the fast-growing Philadelphia Navy Yard, a 1,200-plus-acre campus with 6.3 miles of waterfront and 165 businesses employing more than 13,500 people. The Navy Yard has become a magnet for businesses with a critical mass of life science companies operating in the master development that will soon include a large-scale residential component and additional hospitality and retail outlets. The 3 Crescent Drive site is visible from U.S. Interstate 95 and Broad Street, and sits just across the highway from the South Philadelphia Sports Complex, home to all of Philadelphia's professional sports teams.

Rooney adds, "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."

The property will be added to the Norvin Core Plus Fund, which targets healthcare properties leased to credit tenants with long-term leases.

"The 3 Crescent Drive acquisition is a perfect fit for the Norvin Core Plus Fund," says Livingston. Jefferson Health recently spent significant capital on building upgrades so further building improvements are not necessary, Livingston notes.

The company, which has holdings in Texas, New York City, Maryland and elsewhere, is looking to acquire medical properties all along the Eastern Seaboard, but Livingston notes that market conditions are difficult at the moment. Norvin is looking at opportunities from Maine to Florida, he adds.