21 Apr BG Capital Providing Growth to Port Richmond
PHILADELPHIA, March 13, 2018 /PRNewswire/ — Commonwealth Campus, spanning over 16 acres, is the setting of the old Northeastern Hospital in Port Richmond, Philadelphia. Acquired in December 2017 by BG Capital for $18 million, Commonwealth Campus is home to many medical office businesses, including anchor tenant, Temple University Health System with over 60,000 square feet of office space. Commonwealth Campus is home to many practices, including but not limited to, cardiology, gastroenterology, oncology, pediatric dental and physician, women’s health, urgent care, radiology, endoscopy and dialysis.
BG Capital has over $51.65 million in new construction, tenant improvement and capital expenditure funding to allocate in its development of Commonwealth Campus. Beautification programs began in Q1 and will be completed by Q3 2018 for the two buildings currently occupying the property, the first exceeding 194,000 square feet and the second consisting of approximately 34,000 square feet. $6 million has been allocated to a brand new tenant fit out (expected completion May 1, 2018) occupying 55,000 square feet in the seven-floor high-rise portion of the property. Another $3 million will be allocated to expansions throughout the building. With the addition of these new fit outs and expansions, Commonwealth Campus is expecting to create 500+ new jobs for the community. Joseph Byrne, Co-founder of BG Capital, states that, “with family roots in the area and specifically this property, I am proud to see our company make such a significant investment in the community while creating a substantial number of much needed new jobs.”
The second building on the property is set to start demolition in Q3 2018 with $2.65 million in tenant improvement and capex funds with the intent of housing one new tenant. Starting Q3 2018 BG Capital will begin a ground up, build to suit development, consisting of two medical office buildings totaling 150,000 square feet with an expected as-complete value of $75 million.
For information regarding medical practices at Commonwealth Campus, please refer to www.commonwealthcampus.com. For information regarding the leasing of medical office space or information regarding BG Capital, please email Jennifer Govberg, Director of Communications & Leasing at Jennifer@govbergrealty.com.
ABOUT BG CAPITALBG Capital was founded in 2012 by Joseph Byrne and Daniel Govberg. BG Capital is a real estate investment and management firm focused on the acquisition, development, and property management of commercial assets in the Tristate area. The Company currently has over $68.2 million invested in real estate, primarily in the student housing and healthcare industries. Commonwealth Campus is one of the latest developments in the BG Capital portfolio.
Press Contact: Jennifer Govberg, Director of Communications & Leasing
Jennifer@govbergrealty.com | 267.606.6557
SOURCE BG Capital