Two properties on Chestnut Street in Center City have
changed hands and one of them was the Boyd Theatre.
Pearl Properties of Philadelphia paid $4.5 million for
the iconic theatre at 19th and Chestnut streets. It bought the property from
Live Nation. IPic is redeveloping the building into a modern movie theater.
Pearl has been bolstering its presence along Chestnut
Street and most recently bought 1700 Chestnut St. for an undisclosed price.
Nordstrom Rack last month opened a store in the building.
In the other transaction, TIAA-CREF has paid $24.5
million to buy 1608 Chestnut St.
The 40,000-square-foot building houses the new Uniqlo
store as well as the Art Institute of Philadelphia. An affiliate of Acorn
Development was the seller.
Michael Barmash of Collier's International and Taylor
King of Newmark Grubb Knight Frank arranged the transaction at 1608 Chestnut.
Source: Philadelphia
Business Journal
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