Sale of Eight School Properties in Philadelphia for $38M

The Philadelphia School Reform Commission (SRC) approved the sale of eight closed buildings in the Philadelphia School District for $38 million. The properties, which includes a former administrative building and seven shuttered schools, will be sold for a total of $37 million under the current agreements with multiple buyers, but the Philadelphia School District will net $25.8 million after closing costs and other costs are taken out, said Fran Burns, operations manager.

The largest transaction was with Drexel University, which acquired University High, Drew Elementary and the 14-acre Walnut Center for a little more than $25 million, according to a GlobeSt.com article. Previously, Drexel stated it intended to redevelop the site for mixed uses and establish a new home for Samuel Powel Elementary, a K-4 school that partners with Drexel, according to The Inquirer. Two properties will be sold to charter schools: the former Anna Shaw Middle School to Mastery Charter Schools for $2.7 million and the former Stephen Douglas High to Maritime Academy Charter for $2.1 million. Alexander Wilson Elementary in Southwest Philadelphia will be bought by Orens Brothers Real Estate Inc. for $4.6 million, which will become residential and retail space.

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