The bankrupt North Philadelphia Health System on Thursday completed the sale of Girard Medical Center to Iron Stone Real Estate Partners for $8.45 million, said Jason E. Friedland, partner and director of investments at Iron Stone. Philadelphia will rent the facility from Iron Stone for $2.2 million in the first year, according to the deal approved in bankruptcy court Wednesday. The city, in turn, will lease it back to NPHS, which will continue running behavioral health and drug treatment programs there, for $1 in annual rent.
NPHS completes sale of Girard Medical Center
