Temple University recently bought a North Broad Street shopping center near Temple’s health system campus for $8.2 million, writes Paul Schwedelson for the Philadelphia Business Journal.
Temple paid the millions to Wynnewood-based Overbrook Investment Properties for the 45,290-square-foot retail strip.
Aside from an 11,447-square-foot former Rite Aid store, the site is fully occupied.
Temple’s health system is considering adding medical offices and providing primary care physician services at the site, according to Temple Health CEO Michael A. Young.
Temple spokesperson Steve Orbanek said if those plans happen, those services would fill the former Rite Aid space while other retail tenants would remain.
Overbrook Investment Properties built the retail center in the early 2000s.
The retail strip had been up for sale prior to Rite Aid’s 2023 closure, the site became even more attractive to potential users and developers after it closed.
“The opportunity to have a footprint of this size that gives the ability to build something does not come along that often,” said Veronica Blum of MPN Realty.
The current tenants at the shopping center include Pizza Hut, PNC Bank, Philly Pretzel Factory, and Fine Wine & Good Spirits. There is also a 14,710-square-foot parking lot adjacent to the former Rite Aid location.
Read more about Temple University’s new property acquisition in the Philadelphia Business Journal.
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