By Paul Schwedelson – Reporter, Philadelphia Business Journal
Temple University has acquired a North Broad Street shopping center near its health system campus and may add medical offices at the site.
Temple paid $8.2 million to Wynnewood-based Overbrook Investment Properties LLC for the 45,290-square-foot retail strip, according to property records. The site is fully occupied except for a 11,447-square-foot former Rite Aid store.
The property at 3216-60 N. Broad St. is on the southwest corner of Broad and Westmoreland streets, south of Temple University Hospital and facing Temple’s Maurice H. Kornberg School of Dentistry.
Temple Health CEO Michael A. Young said the health system is considering providing primary care physician services at the site. If those plans come to fruition, those services would fill the former Rite Aid space and the other retail tenants would remain, Temple spokesperson Steve Orbanek said.
Current tenants include Pizza Hut, PNC Bank, Philly Pretzel Factory and Fine Wine & Good Spirits. The property also includes a 14,710-square-foot parking lot adjacent to the former Rite Aid store.
Overbrook Investment Properties, which built the retail center in the early 2000s, considered developing five stories of residential above ground-floor retail, but only built one story due to economic conditions, according to MPN Realty’s marketing materials for the property.
The retail strip was up for sale prior to Rite Aid’s closure near the end of 2023. Once it closed, the site became more attractive to potential users and developers
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