Thursday, December 19, 2019

TF Cornerstone Enters Philadelphia Market with Macy’s Retail Space Buy

by John Jordan
TF Cornerstone of New York City has entered the commercial market here with the purchase of the retail space at the storied Wanamaker Building here.

The retail component of the historic property at 1300 Market St. totals 435,000 square feet across three floors that is occupied by Macy’s.
TF Cornerstone’s acquisition covers the ground, second, and third floors of the 12-story building. The space has ground-floor frontages on all four sides of the building, including Market and Chestnut streets.

“At TF Cornerstone, we are always looking for unique opportunities in key and growing markets to expand our diverse portfolio,” says Jake Elghanayan, principal of TF Cornerstone. “The Wanamaker Building, and in particular its Grand Court, serves as a historic and cultural landmark in the center of Philadelphia and we are excited to be associated with its past and a part of its future.”

No financial terms of the transaction were disclosed. The Wanamaker Building is owned by Rubenstein Partners and Amerimar Enterprises Inc.

TF Cornerstone’s portfolio throughout the Northeast now totals more than 12 million square feet in New York City, the Washington, D.C. region, and most recently in Philadelphia.

Elsewhere, reported that TF Cornerstone and Trinity Place Holdings had  entered a joint venture to acquire 250 North 10th St., a 234-unit apartment building in Williamsburg, Brooklyn.

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