PHILADELPHIA (PA)
Philadelphia Inquirer
HAROLD BRUBAKER, INQUIRER STAFF WRITER
LAST UPDATED: Thursday, October 2, 2014
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.
Net proceeds from the two other sales will go into the Archdiocesan Trust and Loan Fund, which is essentially a private bank for parishes, taking deposits from parishes with extra cash and making loans for building projects, the Archdiocese said.
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