PHILADELPHIA-In a complex, partial sale-leaseback transaction, LaSalle University has acquired Albert Einstein Healthcare Network’s 24-acre Germantown campus and 11 of the 13 buildings on it for $10 million. Einstein will continue to own Germantown Hospital, which has an emergency room, but no beds, and Willow Terrace, its long-term residential care facility, which are both on the land.

In addition, Einstein has signed long-term lease agreements for some spaces in the buildings LaSalle now owns. LaSalle also inherited some independent leases with physicians. A LaSalle spokesman tells the acquired buildings aggregate approximately 400,000 sf. Details, including the sizes and terms of the leases have not yet been finalized.

Certain areas of the campus, such as the loading docks and roads, will be considered common areas and will be shared by LaSalle and Einstein. LaSalle is converting the land, which is adjacent to its existing campus at 1900 W. Olney Ave., to what it calls West Campus. It will relocate some administrative offices to its buildings on West Campus this summer. In December it will move its School of Nursing and Health Sciences to a five-story building that adjoins the hospital.

Barry Freedman, Einstein’s president and CEO, says the land around the hospital is currently underutilized. While LaSalle has no immediate construction plans for the land, Brother Michael McGinniss, president, says large-scale projects will be developed later.

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