PHILADELPHIA — The Center City building housing the recently shuttered Irish Pub, a Philadelphia institution for more than 30 years, has sold for $2.3 million.
The property is located at 1123 Walnut St. In addition, its business assets and liquor license also sold as part of the transaction.
Tod Wentz, a Philadelphia restaurateur known from Oloroso, La Mana and Townsend, bought the property from Richard and Catherine Burke. The sale of the business involved Mark O’Connor, who was a partner in the ownership of the Irish Pub, and the Burkes. Oloroso is located next door to
1123 Walnut.
The deal closed Aug. 9. Ken Mallin and Veronica Blum of MPN Realty Inc. handled both sides of the transaction.
It didn’t take long for buyers to show interest in the property and the pub business. Once the building was put up for sale and listed for $2.5 million, 20 offers were made. Those were whittled down.
“We had three exceptional offers all at full price,” Mallin said.
The final sale price of the business, building and liquor license was slightly more than $2.5 million.
The building has a distinctive look and operated as a restaurant and bar for 35 years. The four-story property was built around 1900 and totals 6,776 square feet. The Irish Pub was housed on the first and second floors, which has a full bar on each level.
The upper level has a mix of raw space and two apartments that still need to be built out.
The Irish Pub closed last month. Wentz said he plans to do a light renovation to the structure and re-open it as an American tavern. The menu will offer typical tavern fare that is “simple and direct,” Wentz said. No date has been set for an opening.
O’Connor will continue to operate a companion Irish Pub at 20th and Walnut streets.
— Natalie Kostelni, Reporter
Philadelphia Business Journal
