Pearl Properties has quietly amassed a portfolio of
properties in the heart of Center City. Now it's adding to its holdings with
the acquisition of the Latham Hotel.
The Philadelphia real estate company is buying the
14-story building at 135 S. 17th St. with plans to convert it into an apartment
complex with 144 units, according to a report in the Philadelphia Inquirer.
As part of the project, the developer plans to
incorporate retail space into it. The 72,709-square-foot building is valued at
$15 million, according to Philadelphia property records.
Pearl already owns a cluster of properties in that
general area of Philadelphia, which is not far from Rittenhouse Square.
The purchase of the Latham is consistent with the real
estate company's strategy of buying properties in superior locations that are,
as the company says on its website, “irreplaceable 24/7 urban locations."
It specializes in mixed-use buildings that have retail on
the lower floors and residential on top.
A representative from Pearl couldn’t be reached for
comment.
Source: Philadelphia
Business Journal
No comments:
Post a Comment