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2116 Chestnut
Street
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One of the newest apartment buildings in Center City —
2116 Chestnut St. — is up for sale.
Construction of the 34-story tower was completed in 2013
and 94 percent of its 321 apartments are occupied. Average rents on the
apartments run $3.08 a square foot. The property includes 9,150 square feet of
retail space.
While it was built for around $100 million, one estimate
has the seller seeking as much as $160 million for the property. HFF is
marketing it for sale.
The John Buck Co. of Chicago and INDURE Fund (the
IBEW-NECA Diversified Underwritten Real Estate Fund), a commingled real estate
investment fund managed by National Real Estate Advisors, partnered in
developing the project. It sits on a site where the Sidney Hillman Medical
Center had once operated.
Source: Philadelphia
Business Journal
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