Jun
07
PREIT Sells Downtown Philly Retail Properties to PH Retail
ByAs part of its strategic plan to dispose of non-core properties, PREIT sold two Center City retail buildings to a Post Brothers affiliate.
Philadelphia–PREIT has closed on the disposition of two retail assets in downtown Philadelphia. One of the buildings is located at 1501-05 Walnut St., and hosts an AT&T Mobility flagship store and Club Monaco, while the other property at 1520-22 Chestnut St., is available for lease.
The buyer is PH Retail, an affiliate of Post Brothers. The firm paid a total of more than $50 million to acquire a controlling interest in the two Center City properties, adding 70,000 square feet of prime commercial space to its portfolio, which currently consists of assets valued at approximately $100 million…
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