Southern Land Co. is constructing a $110 million, 28-story residential tower in University City near the Science Center. The 375-unit apartment building will have 443,000 square feet total, including 14,600 square feet of retail space. Southern Land expects to break ground this fall and complete the project by fall 2015, financed through a partnership with Red Wood Capital and a construction loan from M&T Bank. The developer believes the building will appeal to professionals, students, and medical staff looking to live near the Science Center research campus.

1. AUGUST 23, 2013 7
NATALIE KOSTELNI
I NKOSTELNI@bizjournals.com
Covers real estate and
economic development
215-238-5139 @PHLBIZNKOSTELNI
9,670 sq. ft.
Main Line Health bought a
9,670-square-foot building at
27 S. Bryn Mawr Ave. in Bryn
Mawr for $1.85 million. The
seller was a physician group
headed by Rob Good and had
occupied the property since
the 1970s. The group is now
part of Rothman Institute and
relocated to space near the
hospital. Andrew C. Spillard
of Vista Realty Partners
arranged the transaction.
216,093 sq. ft.
TA Associates sold
400 Crossings Drive, a
216,093-square-foot building
in Bristol to OKNA Windows
& Doors for $10 million and
will relocate its headquarters
and manufacturing functions
from 5601 Beaver Dam
Road, a 60,000-square-
foot building in Bristol. It
will initially occupy 156,093
square feet beginning early
next year. Michael Borski
Sr., Pat Gilmore and Robert
Yoshimura of Flynn Co.
represented both parties in
the deal.
130,000 sq. ft.
Kärcher North America, a
manufacturer of cleaning
equipment, leased 130,930
square feet at 500 University
Court in Blackwood, N.J. The
company will relocate from
another site in Blackwood
and double its space.
Marc Isdaner of Colliers
International represented
the tenant while NAI Mertz
represented the landlord.
R The Fine Print
The developer of a new $110 million
residential tower at the Science Center
in University City has lined up financing
and expects to break ground this fall.
Southern Land Co. of Franklin, Tenn.,
is constructing a 28-story apartment
building at 3601 Market St. that will
have 375 market-rate units. In all, the
building will total 443,000 square feet
of which 14,600 square feet will be retail
space.
“We’re willing to spend the money
required to get a really great restaurant,”
said Dustin Downey, development
manager at Southern Land.
BLT Architects designed the building
and the project is expected to be
completed by fall 2015. Southern Land
is building the tower in partnership
with Red Wood Capital and M&T Bank is
funding the construction loan.
Southern Land arranged a 99-year
lease on the site with the Science Center.
This marks the company’s first foray into
Philadelphia.
“We really like the Philadelphia
market,” Downey said, noting that it’s
consistently stable with low vacancy
rates. “This is a marquee location and we
like it because it’s not Center City. The
market in University City is very tight
and the only other competition – Domus
and the Left Bank – are 100 percent
occupied. We believe we will continue
the success that they have had.”
Downey expects 3601 Market to
capture as tenants those professionals,
graduate students and medical staff who
are now crossing the Schuylkill River
from Center City into University City.
“There is nowhere else for them to
go,” he said.
Monthly rents will range from $1,300
for a studio and upwards to $2,800 for
a two-bedroom unit. A roof-top pool is
part of the plan.
This is the Science Center’s first
residential project.
“We’ve done a lot of comparisons and
benchmarking to other highly successful
research parks from across the country,”
said Curt Hess, who heads up real estate
operations at the Science Center. “They
all, in addition to office and lab space,
have a residential component that really
helps to create a 24/7 live-work-and-play
environment. We have great research,
office and lab space and the residential
project really rounds out the last piece of
the puzzle of our park.”
Residential Real Estate
A home at the Science Center
BLTa
28stories
443,000square feet
375units
14,600square feet of retail space
200parking spaces for vehicles
140spaces for bicycles
R By THe Numbers
Keystone Property Group has sold 240 Radnor-
Chester Road in Radnor for $26 million, or $260 a
square foot.
The buyer in this off-market transaction wasn’t
disclosed.
Main Line Health fully occupies the
100,462-square-foot office building and signed
a long-term lease in 2008 to consolidate its
corporate offices and Home Care Network.
Keystone bought the building, which was
vacant at the time, in 2005 for $11 million
from Rosemont Construction. The real estate
company subsequently invested another $9
million stripping the building down to the steel
and renovating it. It was rebranded the Keystone
Executive Center. The structure had been
constructed in the 1960s for what was then Wyeth
Pharmaceuticals.
Radnor Office Building
Sells for $26 Million
Keystone Property Group
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