PHILADELPHIA — A portfolio of five properties along Vine Street and North 3rd Street in Old City that has 14 loft apartments sold for $3.56 million.
The seller, a private local partnership, was considered ahead of the curve in seizing on the potential of residential rentals in Old City, said Ruth Lief Miller, a broker with Mallin Panchelli Nadel who arranged the sale with colleague Veronica Gintel. The seller bought the buildings, old warehouses, and turned them into lofts and has rented them out since the 1970s, she said.
“He was an innovator … a pioneer,” Miller said. Indeed, Old City has become a hotbed of residential activity in recent years.
The buyer of the properties at 233 Vine St. and 301, 303, 305 and 307 N. 3rd St., a private local partnership, will likely convert them into condominiums, she said. The first floor of each building houses retail space.
The fine print
Franklin Electronic Publishers Inc. sold its 90,400-square-foot headquarters building at One Franklin Plaza, Burlington City, N.J., for $10.3 million to Berk & Berk. The company will continue to lease the entire building. Cushman & Wakefield arranged the sale … Eastern Research Inc. relocated into 100,000 square feet at 121 Whittendale Drive, Moorestown, N.J. The company had been in 57,000 square feet at 225 Executive Drive in the Moorestown West Corporate Center. CB Richard Ellis handled the lease … Nevyas Eye Associates renewed its lease for five years on 13,362 square feet at Two Bala Plaza, 333 E. City Ave., Bala Cynwyd. The company uses the space as an outpatient facility. Beacon Commercial represented the eye center in the lease … Becker & Frondorf renewed and expanded its lease at 1500 Walnut St., Center City. The architectural firm had been in 4,360 square feet and now occupies 5,990. Arden Real Estate represented the tenant while Seligsohn Soens Hess represented the landlord in the deal.
Natalie Kostelni, Reporter
Philadelphia Business Journal
