WCRE Adds Tenant at Philadelphia-Area MOB

A dermatology practice has leased more than 5,000 square feet at a 32,485-square-foot building in Haddon Heights, N.J.
500 Grove

Premier Dermatology has signed a 5,214-square-foot lease at 500 Grove, a 32,485-square-foot medical office building in Haddon Heights, N.J.

The practice will relocate its office to the first floor of the Class A property. Wolf Commercial Real Estate represented both the tenant and the owner, a private investor, in the lease negotiations.

According to Yardi Matrix data, the two-story building at 500 Grove St. was developed in 1970 and underwent cosmetic renovations in 2017. In addition to Premier Dermatology, the property’s tenant roster includes LabCorp, Virtua and American Water Co.

The two-acre property is approximately 12 miles southeast of downtown Philadelphia within the Haddon Heights business district. Located right off Interstate 295 and U.S. Route 30, the medical office building is near Haddon Heights Park and less than one mile from Historic Lawnside Village.

WCRE Associate Mike Scanzano represented the tenant in the lease, while Senior Associate Ryan Barikian negotiated on behalf of the landlord.

According to a recent CBRE report, Philadelphia was one of the metros with the highest vacancy rate increases for medical office space during 2019. The report indicated weak demand, large supply growth or a combination of the two as possible causes for the situation.