Burberry Group has sold the building on Walnut Street in
Center City that once housed the British retailer’s store.
The three-story, 8,052-square-foot building at 1705 Walnut
St. sold for $5 million, according to Philadelphia property records. Pearl
Properties of Philadelphia bought the property.
Sales of buildings along Walnut Street have been active in
the last year as the retail market has gained strength. Walnut Street is also
one of the most robust retail corridors in the city.
Burberry closed its Center City store in January though it
continues to operate a retail site at the King of Prussia Mall.
Michael Kors backfilled the Burberry space and is expected
to move in May 15.
“They are one of the hottest brands now and it’s a testament
for Walnut Street for it to land there,” said Brittany Goldberg, a retail
broker with MSC. Goldberg arranged the sale of the building and the lease with
Michael Kors.
Source: Philadelphia
Business Journal
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