Dean Adler Of Lubert-Adler Real Estate Funds Acquires Gershman Hall In Philadelphia For $6.7M

A commercial property located at 401 South Broad Street in Philadelphia, PA has been sold for $6,700,000. The asset spans 75,320 square feet, resulting in a price per square foot of $89. This transaction represents the completion of the bankruptcy sale involving nine properties previously owned by the University of the Arts.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $6,700,000
• Address: 401 South Broad Street
• Market: Philadelphia, PA
• Square Footage: 75,320
• Price Per Square Foot: $89
• Buyer: Dean Adler - Lubert-Adler Real Estate Funds
• Brokerage: James "Jim" Galbally, Francis (Fran) Coyne, Samantha Kupersmith, Brett Segal, Carl Fiebig & Tyler Margraf - JLL

An entity affiliated with Lubert-Adler Real Estate Funds has acquired Gershman Hall, with the sale receiving significant interest, evidenced by 87 offers from 53 investors. The intention behind the purchase is to revitalize the area for new cultural and communal uses.