The two firms state that the property, which is expected to be completed and ready for occupancy in the first quarter of 2021, will “deliver the critical infrastructure and support network needed to advance biomedical research.”

The Los Angeles-based commercial and industrial investment firm sold the property, which is fully leased to True Value, to a joint venture of Brennan Investment Group, LLC of Chicago and Greenwich, CT-based Arch Street Capital Advisors, LLC.

The fixed-rate loan through Freddie Mac's Green Advantage program has a seven-year term and will be serviced by HFF, a Freddie Mac Optigo lender for conventional loans.

The community was originally built between 2004 and 2005 and features a mix of one- and two-bedroom apartments with an average size of 998 square feet.

“CBRE continues to heavily invest in our retail practice in both Center City, Philadelphia and the extended surrounding suburbs,” says Adam Kohler, EVP at CBRE.

The expansion of HealthHUB was just one of a number of initiatives announced by CVS Health at its 2019 Investor Day today as the company moves forward after its $69-billion merger with Aetna that was completed in November 2018.

NHI, headquartered in Murfreesboro, TN is the managing member and will own 97.5% of the joint venture equity and Bonita Springs, FL-based Discovery will own 2.5%.

Capstone On-Campus Management of Birmingham, AL has been selected by Radnor and Harrison Street and has been approved by Lafayette to manage and maintain the property once it opens in the fall of 2020.