Tuesday, January 27, 2015

Center City parking garage where Spruce Foods is located sells for $7.2M

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

An affiliate of Post Brothers Apartments has acquired a parking garage in Philadelphia where Spruce Food Market makes its home on the street-level retail space. It traded for roughly $7.2 million.

The 175-vehicle garage at 1524 Latimer St. was sold by CLL Towne Inc. Park America will continue to manage and operate the parking facility. Josh Nadel of MPN Realty arranged the transaction.

The structure runs from Latimer to Spruce streets and includes roughly 3,500 square feet of retail space at 1523-25 Spruce St. That space is leased to Spruce Food Market, which is a well-known institution in the neighborhood.

The store has been there for decades and it, along with its sign, is part of the urban landscape in that part of Center City, Nadel said in an email. Nadel likens the sign to the PSFS sign at what is now the Loews hotel and the Sophie Curson sign at 19th and Sansom streets, which have become permanent parts of the city's streetscape.

Full story: http://tinyurl.com/nt8r8v8

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