PHILADELPHIA — American Equity Development & Management Co. broke ground on a new two-building, 25,000-square-foot office complex in Lower Gwynedd, seeking to seize onto its location near three Montgomery County hospitals.
Called Gwynedd Gate, the complex at 1600 N. Bethlehem Pike will aim to attract physicians looking to maintain offices within the vicinity of nearby hospitals such as Abington, but will also seek out other professional firms as tenants, said David Rosenberg, president of American Equity. Rents will run between $25 and $30 a square foot.
The two buildings — one at 15,000 square feet and the other at 10,000 square feet — will replace a site once overgrown with a thicket of shrubs and an old rundown house. “It was basically an eyesore to Lower Gwynedd,” Rosenberg said.
Gwynedd Gate is expected to be ready for occupancy by this fall. The complex was designed by J.K. Roller & Associates.
The fine print
A group of doctors sold 207 N. Broad St., a 20,000-square-foot building with five medical, research and office condominiums in Philadelphia, to another group of physicians for $3 million. M.S. Fox Real Estate arranged the sale … The Deauville, a 94-unit apartment complex at 6725 Ridge Ave., Roxborough, was bought by an unidentified local investor for $5.6 million. The 50-year-old complex was sold by Kislak Co. of Woodbridge, N.J. Mallin Panchelli Nadel handled the sale … A 43,000-square-foot building at 415 MacFarlan Road in the Longwood Corporate Center in Kennett Square traded for $4.3 million. A private partnership called Treemont Longwood Associates of Wayne bought the building from J&BB Associates of Christiana, Del. Marcus & Millichap executed the sale.
Natalie Kostelni, Reporter
Philadelphia Business Journal