Philadelphia Archdiocese Sells Delco Property, 2 Others For $56.2M

The Archdiocese of Philadelphia on Thursday announced the sale of three suburban properties for $56.2 million and said it will use the proceeds to help plug gaps in its balance sheet.

In addition to the previously reported sale of a 200-plus-acre property in Delaware County to Jenkintown-based Goodman Properties for $47 million, the Archdiocese said that it had an agreement to sell a 454-acre property in Northampton County for $5.5 million, and that it had sold 55 acres in Chester County for $3.7 million.

The $3.7 million from the sale of excess land at the St. John Vianney Center in Downingtown, a behavioral-health center for clergy and woman religious, was deposited into the archdiocesan priests’ pension fund, which previously had a $76.3 million deficit. The buyer was Woodbine Partners L.P.

Read more at http://www.philly.com/philly/business/20141003_Archdiocese_sells_Delco_property__2_others_for__56_2M.html#85J5QPF07OFiZsCw.99

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