Sunday, May 23, 2010

Sale of Two Local Properties

"1. 1216-1232 Wood Street, a 22,000 SF property located in center city, close to the Pennsylvania Convention Center, was the former home to Bethanna, a Christian organization that provides family services. (This was a Sale/Leaseback). Bethanna took back a Lease for a portion of the 1st floor. Sold for $1.6 million. The property was purchased by 1216-1232 Wood Street, LP who will use the property for their own offices, as well as investment purposes.

2. 3670 S. Lawrence Street, a 2 acre parcel located in the Food Distribution Center in South Philadelphia, just off Pattison Avenue near the Lincoln Financial Field, Citizens Bank Park and Wachovia was sold to Stein & Silverman Family Partnership, LP, for future development. The parcel sold for $600,000."

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