2 More Former Crozer Hospitals Find Buyers For $13M: The Philadelphia Deal Sheet
Top bidders have emerged at a bankruptcy auction for two more shuttered Crozer Health hospitals in Delaware County as owner Prospect Medical Holdings continues to wade through bankruptcy proceedings.
Chariot Allaire Partners LLC submitted a $10M bid for Crozer-Chester Medical Center in Upland, while Restorative Health Foundation and Syan Investments LLC offered $3M for Springfield Hospital, The Philadelphia Inquirer reported.
The winning bids came after a judge granted California-based Prospect the right to abandon two properties if they didn’t field suitable bids.
Two other former Crozer hospitals have been auctioned off in recent months. The Upper Darby School District bought Delaware County Memorial Hospital in Drexel Hill for $600K in August, and a group of healthcare executives paid $1M for Taylor Hospital in Ridley Park the following month.
ChristianaCare also spent $50M for a portfolio of outpatient centers in Broomall, Havertown, Glen Mills and Media.
SALES
Trophy Commercial Real Estate handled the $1.8M sale of an Olde Kensington development site entitled for 89 units. The firm represented the buyer and seller in the 1031 exchange for 1832-1846 Germantown Ave.
LEASES
Two new restaurants are opening in Federal Realty Investment Trust’s Mercer on One complex in Lawrenceville. Dumpling chain Nan Xiang is debuting Saturday, and Kura Sushi plans to follow suit sometime later this month.
CONSTRUCTION AND DEVELOPMENT
Hankin Group is adding 160 apartments to its River Station complex in Downingtown. The 67-unit first phase is expected to open in summer 2026, and the 93-unit second will follow in the second half of the year.
THIS AND THAT
Ridley Park Historical Society and ambulance company Keystone Quality Transport presented an exhibit honoring Taylor Hospital’s legacy during the Ridley Park Fall Festival Oct. 11. Keystone majority owner Todd Strine is part of a group that bought the facility for $1M last month.
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Time Mission, a team-based immersive game experience, is opening a new location at 1530 Chestnut St. on Oct. 17. It is the first Time Mission location in Pennsylvania and the third entertainment experience in Philadelphia from its parent company, LOL Entertainment.
