Center City newcomer set to buy 4 Old City properties: Sources

MRP Residential appears to be making a bold move to build up its presence in Philadelphia and is reportedly tying up what is referred to as the Kaiserman Co. portfolio in Old City.

The real estate company, which is a division of MRP Realty of Washington, D.C., is reportedly close to putting under agreement four buildings that Kaiserman put up for sale in the spring for an estimated $110 million, according to multiple real estate sources.

The buildings are well known in Philadelphia and include: 400 Market St., a 12-story, 169,000-square-foot office building in which the Philadelphia Business Journal has been a longtime tenant; Constitution Place, a 13-story, 87,760-square-foot office building that houses Buddakan, Cosi, Mrs. K’s and other retailers at 325 Chestnut St.; the Bourse, a 10-story, 281,000-square foot building that has both retail and office space at 111 S. Independence Mall East; and a 10-story garage at 401 Ranstead St. that has 453 parking spaces. A Landmark Ritz theater, deli and dry cleaner are tenants in the parking structure.

A representative from MRP Residential couldn’t be reached for comment and it is unknown what the company, if successful in closing the transaction, would do with the properties since its focus is residential development.

The company could hold onto the properties and keep them as-is until it determines what to do.

MRP Residential has been on a buying spree.

In June,MRP Residential acquired two Center City apartment properties for a tad more than $60 million in partnership with Cornerstone Real Estate. It bought 400 Walnut St., which has 67 units and 5,000 square feet of retail, and 1930 Chestnut St., which has 144 units and 5,000 square feet of retail.

Its first buy in Philadelphia was the Avenue of the Arts building on South Broad Street, which is undergoing a conversion into high-end apartments.

Source: Philadelphia Business Journal