Tuesday, February 9, 2016

NoLibs development site sells for big number

Natalie Kostelni Reporter Philadelphia Business Journal
The Klein Co. has acquired a block-sized development site in the Northern Liberties neighborhood of Philadelphia for $7.25 million.

The 2.8-acre property at 1300-1354 N. 2nd St. is known as SOKO Lofts for its location South Kensington. The site as been approved for 320 apartments in three buildings.

“There was a lot of interest from Philadelphia investors as well as those from around the country,” said Mike Margolis, an investment broker with Newmark Grubb Knight Frank who arranged the sale along with colleagues Brett Segal, Dave Dolan and Jeff Mack.

The brokers represented Canus Corp., which took the property through the approval process. The parcel is bounded by 2nd Street to the east, American Street to the west and Master and Thompson streets to the north and south and has been environmentally remediated. It is the former Absco Inc. steel site.
Full story: http://tinyurl.com/jdhv7s2

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