PHILADELPHIA — Moreland Development sold 1900 Chestnut St., a three-story, 7,100-square-foot building in Center City that it bought 14 months ago with the intention of putting in a Walgreens pharmacy.

When neighborhood opposition mounted, Moreland decided drop its plans and sell.

“We got an offer we couldn’t refuse,” said Eric S. Seidman of Moreland.

Moreland bought the building for $2 million and sold it to Kenneth Gross Investment Group for $2.78 million.

Wall & Ochs Vision Center leases the first floor. The buyer is expecting to line up other retailers for the remainder of the space, said Geoff Gross, a broker with Equity Properties, which represented the buyer, who happens to be his father. Mallin Panchelli Nadel represented the seller.

The fine print

FedEx extended its lease by four years on a 61,647-square-foot building at 800 Primos Ave. in the Folcroft Business Center in Folcroft. CB Richard Ellis arranged the deal … Jeffrey Mermelstein, a private investor, sold Dungan Road Apartments, a 10-unit complex at 7917 Dungan Road, Philadelphia, sold for $655,000, or $65,500 a unit, to Mark Guzhavin, also a private investor. Marcus & Millichap handled the sale … Mark Fink sold a 24,000-square-foot industrial building at 1217-23 Vine St., Philadelphia, to an undisclosed private investor for $1.55 million. The new owner plans to renovate the space and lease it out. The Flynn Co. arranged the sale … Justi Group Inc. bought five acres of industrial land facing I-95 in the Chichester Business Park in Chichester for $375,000. Justi’s plans for the property weren’t disclosed. CB Richard Ellis was involved in the deal … ICUP Inc., a maker of novelty clothing, bar ware and party games, bought a 26,700-square-foot building on 1.53 acres at 1135 Cedar Ave. in the Croydon Industrial Park in Bristol for $1.07 million. ICUP is relocating from Trenton and will use the building as its new headquarters and primary plant. The Pennsylvania Industrial Development Authority is financing 90 percent of the building’s purchase. Roddy Inc. arranged the transaction.

Natalie Kostelni, Reporter
Philadelphia Business Journal

read full article