Stoltz Real Estate Partners of Bala Cynwyd, Pa., has
acquired 1513 Walnut St. in Philadelphia for $14.15 million, according to
property records and various sources familiar with the deal.
Ritten Properties, a limited liability corporation based
in Philadelphia, sold the 9,826-square-foot building, for roughly $1,400 a
square foot – a big number for a retail property along one of Philadelphia
premier shopping corridors.
Brooks Brothers has been housed in 1513 Walnut St. in
Philadelphia since 1997.
However the transaction highlights the demand in the
properties and the expectation that they will continue to attract top-tier
tenants.
A recent retail report by CBRE Inc. pointed out some of
the dynamics at play in the market that is driving so many transactions and at
steep prices.
Brooks Brothers occupies the building and has been in the
space since 1997. The store was renovated in 2012.
Source: Philadelphia
Business Journal
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