PHILADELPHIA — Kimco Realty Corp. sold a property on Walnut Street in Center City for half the amount it bought it for five years ago.
Pearl Properties of Philadelphia bought 1701 Walnut St., an eight-story office building that has Juicy Couture as one of its retail tenants, for $6.6 million, according to property records.
Kimco (NYSE:KIM) of New Hyde Park, N.Y., paid $12 million for the roughly 25,000-square-foot building in May 2007 when it was on a buying spree in Philadelphia, particularly in the Rittenhouse Square neighborhood. Among the other buildings Kimco bought around the same time include 1401 Walnut St., where Banana Republic has a store; 1429 Walnut St., home to Armani Exchange; and 1628 Walnut St. Kimco has also sold some of its other buildings to Pearl Properties, including 1401 and 1429 Walnut.
Mallin Panchelli Nadel arranged the sale of 1701 Walnut.