The Philadelphia real estate company already has a foothold in that neighborhood and owns several buildings on Walnut Street including 1117 Walnut St., 1200 Walnut, 1126 Walnut St., 1425 Walnut, 1611 Walnut and as well as other nearby properties.
At 1401 Walnut, Pearl bought floors three through 12 totaling 76,596 square feet. It has 36 apartments over eight floors and two floors that are vacant office space that will likely get converted into residential.
Kimco Realty Corp. of New Hyde Park, N.Y., put its interests in 1401 Walnut, 1831 Chestnut St. and 1805 Walnut St. up for sale last fall. The three buildings are in prime Center City locations and in various stages of residential development. So far just 1401 Walnut has sold and the transaction closed.
CBRE Inc. arranged the sale of 1401 Walnut. The firm is handling the marketing of the other two properties: At 1805 Walnut, which entails 31,902 square feet over floors four through eight. The space has been carved into a dozen residential condos with the eighth floor being a 3,611-square-foot penthouse. The building fronts Rittenhouse Square; and at 1831 Chestnut, Kimco is selling 25,965 square feet over floors two through 10. It operates as an office building and it is 34 percent occupied and “presents an immediate residential development opportunity,” according to CBRE marketing materials.
Source: Philadelphia Business Journal
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