Wednesday, February 3, 2016

Kaiserman Family Sells Market East Portfolio To MRP

by Steve Lubetkin,
The Kaiserman Family has sold four office properties, including the landmark Bourse Building, in Philadelphia’s Market Street East district in Center City, to MRP Realty.

The four properties, known collectively as the Independence Collection and totaling 702,014 square feet of office, retail and parking, include 400 Market Street, 325 Chestnut Street, the landmark Bourse Building at 111 South Independence Mall East, and 400 Ranstead Street. The Kaiserman family owned and operated each of the properties for more than 30 years.

The Kaiserman Company did not respond to a request for comment.

“The Independence Collection provides a unique opportunity for MRP to reposition the office and retail space, renovate the common areas, add amenities and streetscapes while capitalizing on the portfolio’s unique location in Philadelphia’s Market Street East,” says Charles McGrath of MRP Realty. “The Kaiserman family were great stewards of these properties and MRP has a business plan that will allow them to compete in this sub-market.”

With the acquisition, MRP will implement institutional operations, complete all required deferred maintenance, execute comprehensive renovations, lease the existing vacancy, renew tenants and stabilize the newly repositioned assets.

At 325 Walnut Street, MRP will renovate the façade, the common areas of the property and adding amenity space. The property was built in 1960 and has 197,588 square feet.
For 111 South Independence Mall East—known as the Bourse building—MRP will reposition the ground floor retail space and renovate the façade and the common areas, as well as construct amenity space with the goal of creating a retail-rich office environment attracting a younger tenancy featuring the latest amenities. The property was built in 1895 and has 229,307 square feet.
MRP will renovate 400 Market Street’s common areas and lease up the remaining vacancy. Built in 1967, the property has 178,111 square feet.
The Bourse garage at 400 Ranstead Street will undergo a renovation of the common areas of the garage, a repositioning of the retail and re-leasing of the theatre space. Built in 1988, the property has 27,008 square feet.

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