Gene Muchnick, who used to run an electronics store at 1725
Chestnut St. near Rittenhouse Square, has sold the property for $2.2 million to
Midwood Management, the New York-based firm headed by Steven Schwartz and John
Usdana, which has become a major owner of commercial properties in the
neighborhood, says Laurence Steinberg, senior vice president of CBRE | Fameco,
who represented the seller.
It's "the last vacant building on this 1700
block," and had most recently been home to chain restaurants -- Moe's
Southwest Grill, before that Famous Dave's BBQ Shack -- "but with the new
strength of retail on this block, that may change," Steinberg adds.
"Leasing interest is very strong, and I expect rents on that block to
continue to show substantial growth with the soon-to-open American Eagle
Outfitters, Nordstrom Rack and Forever 21" nearby.
"There is an interesting shift happening in the
shopping momentum in Center City from Walnut Street to Chestnut Street,"
he added hopefully. "If you add in the Uniqlo store that will open on the
1600 Block, I can see retail traffic and sales on Chestnut Street soon
outpacing Walnut."
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