Developers of lab, life sciences buildings make run at University City affordable housing site

October 20, 2021

Real estate companies that focus on developing lab and manufacturing space for life sciences companies are circling 3900 Market St., the site of University City Townhomes, an affordable housing complex that was put up for sale. 

A bidding process for the property, the size of a city block, is being overseen by a commercial real estate brokerage. A deadline of Oct. 7 was set for final bids on the 116,128-square-foot site, which totals 2.8 acres.

“Please put forth your most aggressive price, and be aware that two factors are of primary importance to current ownership: maximizing the total sale price, and maximizing the portion of the sale price that is paid at closing on a non-permitting-contingent basis,” said materials used as part of the marketing process. 

It was also noted that the “seller is open to demolishing the property prior to close, but will do so only at buyer’s expense.”

The property can accommodate a maximum of 1.9 million square feet of new development. Based on its size and its development potential, the parcel could sell for between $75 million to $80 million, according to some estimates while others familiar with the site pegged it at trading in excess of $100 million. 

 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.