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
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