PHILADELPHIA—The city's School Reform Commission voted on Thursday night to sell to multiple buyers a former administrative building and seven shuttered school properties for $38 million.
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. 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.
Other sales of note include Orens Bros.' purchase of the Alexander Wilson Elementary in West Philadelphia for $4.6 million and Mastery Charter's acquisition of the Anna Shaw Middle School in Kingsessing for $2.7 million.
The respective buyers now enter a 60-day due diligence period. If the sales move forward, the property transfer are projected to close by June 30. See story in The Inquirer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
