National News

Philadelphia Archdiocese Sells 3 Properties

PHILADELPHIA (CNS) – The Archdiocese of Philadelphia’s finances took a major step toward good health with the announcement Oct. 2 of agreements of sale for three archdiocesan properties collectively worth an estimated $56.2 million.

Proceeds from the latest transactions, along with the $53 million initial payment from long-term leasing of the 13 archdiocesan cemeteries completed last May, and the sale of the archdiocesan nursing homes, projected to net $95 million after closing costs, will address three underfunded obligations of the archdiocese.

Collectively underfunded by $340 million in June, 2013, those three funds plus the Lay Employees Retirement Plan include the Trust and Loan Fund, the Self-Insurance Fund and the Priests Pension Fund.

The property sales include the 213-acre site of Don Guanella Village and Cardinal Krol Center in Marple Township, for $47 million; the 454 acres of the former Mary Immaculate Retreat Center, which is in the Diocese of Allentown, for $5.5 million; and a 55-acre tract of the St. John Vianney Center property in Downingtown, for $3.7 million.

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