Nonprofit care provider Elwyn looking to sell University City property
Elwyn, a nonprofit group that serves people with disabilities, is seeking a buyer for the 2.75-acre University City property where it has operated a care center for over 40 years.
Elwyn is looking to sell the property at 4oth and Market Streets to become more flexible and dispersed in its use of space, the organization's president, Sandra Cornelius, said in a release on Wednesday.
"We believe that a sale will help us better serve the important needs of our clients and we can find a more strategic location in West Philadelphia to do that," she said.
The move comes amid robust commercial real estate activity in University City, including Swiss insurer Zurich Insurance Group's acquisition of the nearby 2.0 University Place office building in April.
Jason Kramer, a senior vice president with Binswanger, said in the release that his company has been receiving queries about the Elwyn property from both regional and national investors, as well as from private equity firms.