The Klein Co. has acquired a block-sized development site
in the Northern Liberties neighborhood of Philadelphia for $7.25 million.
The 2.8-acre property at 1300-1354 N. 2nd St. is known as
SOKO Lofts for its location South Kensington. The site as been approved for 320
apartments in three buildings.
“There was a lot of interest from Philadelphia investors
as well as those from around the country,” said Mike Margolis, an investment
broker with Newmark Grubb Knight Frank who arranged the sale along with colleagues
Brett Segal, Dave Dolan and Jeff Mack.
The brokers represented Canus Corp., which took the
property through the approval process. The parcel is bounded by 2nd Street to
the east, American Street to the west and Master and Thompson streets to the
north and south and has been environmentally remediated. It is the former Absco
Inc. steel site.
Canus, which has offices in Philadelphia and Montclair,
N.J., had a project approved for residential development before the housing boom
crashed. Its original plans in 2007 and 2008 called for a $60 million,
mixed-use project called Viridian that would have had 160 residential condos
and 16 artist studios but that project fell by the wayside.
Canus took the site through another zoning process and
put it up for sale late in 2013. At one point had planned to move forward with
a $70 million apartment development but decided to sell the parcel instead.
There are some investors who want to stick to Center City
but those who understand the Northern Liberties market were very interested in
the site, Margolis said. Klein is expected to move forward with the project
later this year.
Source: Philadelphia
Business Journal
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