Thursday, September 5, 2013

Petra Capital Mgmt Sells Two Bldgs for $8M

The Brickstone Companies purchased 1122-1124 and 1126-1128 Chestnut St. in Philadelphia from Petra Capital Management LLC for $8 million, or about $60 per square foot. 

The two buildings total a combined 134,509 square feet and sit on more than half an acre. The Brickstone Companies plans to convert the office building at 1126 - 1128 Chestnut Street into residential units with ground level retail. The building located at 1122-1124 Chestnut St will be razed by end of 2013, and a multiple-floor building of retail and apartment units will be built in its place. 

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