Wednesday, August 7, 2013

Pearl Properties Makes Market Street Purchase

Kimco Realty Corporation sold a portion of the 103,296-square-foot retail and multifamily building at 1401 Walnut St. in Philadelphia, PA to Pearl Properties LLC for $15 million, or about $196 per square foot. Pearl Properties purchased floors 3 through 12, totaling 76,596 square feet of office and residential space. 

The mixed-use building is centrally located at the corner of Broad and Walnut Streets in Market West. The 36 luxury apartments known as the Pearl Apartments range from 1,700 to 2,450 square feet in size. The apartments are located on floors 3 through 7, and 10 through 12. The eighth and ninth floors contain office space. The new owner may convert the vacant ninth floor to additional units.

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