Tuesday, December 29, 2015

PA Ridge Associates Acquires Independence Press Building

by Steve Lubetkin, Globest.com
P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.

“Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area’s access to transit, major roadways, and the Reading Viaduct project,” Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells GlobeSt.com exclusively. “Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It’s exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University.”

Kislak senior vice president Matt Weilheimer represented the seller in the transaction.

The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing "loft-district" neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.

“The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area,” says Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood.”

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