Dwight City Group Acquires Medical Office Building From Drexel University For $5.5M

Dwight City Group acquired the Arnold T. Berman Building, located at 219-25 North Broad Street, Philadelphia, for $5.5 million. The property comprises 80,000 square feet and is classified as a medical office asset. This transaction reflects a price per square foot of $69.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $5,500,000
• Address: 219-25 North Broad Street
• Market: Philadelphia, PA
• Size: 80,000 square feet
• Price per Square Foot: $69
• Buyer: Dwight City Group
• Seller: Drexel University

The acquisition enables Dwight City Group to further its residential development strategy, with plans to convert the medical office property into 90 apartments. This purchase adds to the developer's ongoing Hahnemann University Hospital conversion project, expanding its North Broad Street residential pipeline to a total of 536 units.