Philadelphia

The Philadelphia-based retail REIT estimates the measures will create nearly $300 million in incremental liquidity.

The city's Health Department notes that the defined use and management of the site has not been determined as yet. The facility could be used to care for COVID-19 patients or to relocate low-acuity patients from area hospitals to open more beds at those facilities.

The Philadelphia-based real estate investment advisory firm, also notes that it has begun capital improvements involving both interior and exterior upgrades at the nearly 467,000-square-foot property.

The sale comes as a result of the company's recent relocation to a nearby shopping center at 300 White Horse Road in Voorhees, NJ, also facilitated by Vantage RES.

Consistent with the governor's order last week, the city clarified that the following as life-sustaining businesses or services: laundromats, veterinary hospitals, pet stores, retail banks (allowing drive-through or limited lobby access), stores that primarily repair cell phones, and bicycle or motorcycle repair shops.

The order hits the real estate and construction industries in Pennsylvania hard, mandating the closure of all real estate brokerage firms, as well as the cessation of construction of all residential and non-residential construction, utility, highway, street and bridge construction.