PHILADELPHIA & CHICAGO--(BUSINESS WIRE)--American Academic Health System, LLC, an affiliate of Paladin Healthcare, today completed its previously announced acquisition of Hahnemann University Hospital, the teaching hospital for the Drexel University College of Medicine, and St. Christopher’s Hospital for Children, as well as its affiliated physician practices and other hospital-affiliated entities, from Tenet Healthcare Corporation.

Simultaneously, American Academic and Harrison Street Real Estate Capital, LLC, one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors, have entered into a strategic joint venture under which they have acquired a portfolio of four medical office buildings and a parking garage on the Hahnemann University Hospital campus, and the parking facilities at St. Christopher’s Hospital for Children. American Academic has retained ownership of the hospital buildings, as well as one medical office building and two parking facilities.

“We are thrilled and proud to be the new owners of these venerable Philadelphia hospitals and the outstanding clinical and academic programs for which they are recognized,” said Joel Freedman, American Academic’s Founder and Chief Executive Officer. “We look forward to collaborating closely with Drexel University College of Medicine and the entire physician community, and are fortunate to have one of the nation’s most prominent community-centered investment firms in Harrison Street by our side. Philadelphia is among the most renowned health care centers in the United States, and we are privileged to be part of it.”

“We are energized and ready to get to work,” said Barry A. Wolfman, American Academic’s President. “We plan to do a lot of listening and learning as we continue to frame our vision for how we can best serve our patients, our physicians, our staff and our community. Our intention is to develop deep and enriching bonds in the region through which we will strengthen this historic health care system and elevate who we are and how we fit into the regional health care landscape. Serving children and adults when they need care is a privilege and one of the most rewarding things one can do. We look forward to working with all our dedicated employees and physicians at Hahnemann and St. Christopher’s to provide our patients with outstanding, compassionate care.”

“I am excited about our new relationship with American Academic Health System, its commitment to academic medicine, and its interest in improving the health of our community,” said John Fry, President of Drexel University. “I am confident our collaborative relationship will bolster the College of Medicine’s ability to carry out its academic mission.”

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