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1 Crescent Drive Philadelph...

Mid Atlantic Retina Expands With Long-Term Lease At Philadelphia Navy Yard
LEASEDOffice

Mid Atlantic Retina Expands With Long-Term Lease At Philadelphia Navy Yard

1 Crescent Drive Philadelphia, Pennsylvania 19112, USA

Building Size

12,679 SF

Asset Type

Office

Closing

Jul 18, 2023

AI

The Philadelphia Navy Yard has become home to Mid Atlantic Retina, a leading retina specialist, thanks to a long-term lease secured with the assistance of Avison Young. With an address at 1 Crescent Drive, this office space offers 12,679 square feet of space for the growing healthcare provider. Situated in the bustling life science sector of Philadelphia, this strategic move aligns with Mid Atlantic Retina's expansion plans into Pennsylvania.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Square Footage: 12,679 SF
  • Address: 1 Crescent Drive
  • Market: Philadelphia

Brokered by Scott Martin of Avison Young, this lease agreement provides Mid Atlantic Retina with the opportunity to expand their presence in a thriving location. Led by Rhonda Ceretelle, Mid Atlantic Retina's decision to establish a foothold in the Philadelphia Navy Yard demonstrates their strategic vision and commitment to serving the life science industry in the area.

Players

Scott Martin

Avison Young

Broker

$45.2M

vol

6 deals

Broker
MR
Mid Atlantic RetinaTenant

Philadelphia Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93