Saturday, January 21, 2012

Kimco takes loss on Phila. office building it bought before crisis

"Kimco Realty Corp. sold a property on Walnut Street in Center City for half the amount it bought it for five years ago.

Pearl Properties of Philadelphia bought 1701 Walnut St., an eight-story office building that has Juicy Couture as one of its retail tenants, for $6.6 million, according to property records.

Kimco paid $12 million for the roughly 25,000-square-foot building in May 2007 when it was on a buying spree in Philadelphia, particularly in the Rittenhouse Square neighborhood. Among the other buildings Kimco bought around the same time include 1401 Walnut St., where Banana Republic has a store; 1429 Walnut St., home to Armani Exchange; and 1628 Walnut St. Kimco has also sold some of its other buildings to Pearl Properties, including 1401 and 1429 Walnut."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.