PREIT, the Philadelphia real estate trust that owns the
Gallery and several suburban Philadelphia malls, has bought the low-rise
retail-and-office building in the northwest corner of 15th and Walnut Sts. --
because PREIT employees were tired of walking out the back door of their
Belleuve building headquarters and seeing the unrenovated structure, PREIT boss
Joseph Coradino joked to a group of shopping center developers he was lecturing
at Villanova University, says my colleague Jane Von Bergen, who was there.
PREIT isn't announcing any plans for the site just yet,
spokeswoman Heather Crowell told me. The building is home to a Pa. Lottery and
smoke shop, a tailor, a former athletic shoe store. Oh, and modernist architect
Louis I. Kahn's former offices, with a historic marker, and all -- it was the
address on his passport. "Great old building," broker Angel Luis
Franqui of Solo Realty tells me. He notes the 14,000 sq ft property's city real
estate tax-assessed value is $1.76 milllion (two-thirds for the building), with
an estimated 2014 bill of $23,500, down from last year's pre-reassessment
$34,400. Past owners Meyer and Stephanie Glin had held the property since 1966.
Sale not recorded yet.
Separately, Midwood Properties of New York is promoting
three other retail locations in that neighborhood (and one in the 9th Street
Italian Market).
Source: Philly.com
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