PMC Property Group, backed by Lubert-Adler, is seeking to
buy the Marketplace Design Center in Center City, according to real estate
market sources.
PMC Property is a multifamily developer based in
Philadelphia and Lubert-Adler, also of Philadelphia, manages a real estate fund
that invests in a wide array of projects. It has backed PMC Property on past
projects.
An official with PMC Property couldn’t be reached for
comment.
Marketplace Design Center is comprised of two buildings —
2400 Market St., which is about 370,000 square feet, and 12 S. 23rd St., a six-story,
120,000-square-foot building. PMC Property has a significant multifamily
presence in Center City.
It’s not certain what PMC Property intends to do with the
complex, which is expected to trade for more than $40 million.
Bart Blatstein’s Tower Investments had put Marketplace
Design Center under agreement last spring with hopes of closing a transaction
by the end of the last summer but decided to drop its pursuit to buy it.
Blatstein envisioned a mixed-use project that included extending the building
upward.
Source: Philadelphia
Business Journal
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