Another office building in Center City looks headed for multifamily conversion.
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MM Partners acquired the eight-story office building at 2100 Arch St. for $12M from the Jewish Federation of Greater Philadelphia, the Philadelphia Business Journal reports. The initial plan for the 121K SF building is to convert the ground floor into retail and resident amenities, with apartments on the seven floors above.
The building has been mostly vacant since the pandemic began, with the Jewish Federation relocating to 23K SF at Two Commerce Square on a sublease from PricewaterhouseCoopers, PBJ reports. The bulk of the sale proceeds will be used to fund charitable endeavors. The Jewish Federation will continue to explore sales of property from the 100-acre portfolio it owns in the region.
SALES
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Temple University acquired a 12K SF parcel at 2034 North Broad St. for $4.3M, PBJ reports. A 7-Eleven sits on the land with a lease that expires next year but carries three extension options of five years each. The acquisition continues a push by the university to snap up properties on North Broad for long-term control and future development options.
CONSTRUCTION
A development LLC affiliated with Exton-based Hankin Group broke ground on a 149-unit mixed-format residential project at 801 North 19th St., known to the surrounding Francisville neighborhood as the Francisville Triangle, Philly YIMBY reports.
The project includes a five-story, 115-unit apartment building on one side of the triangular lot and 34 three-story townhouses centered around a courtyard and surface parking lot.
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Archive Development broke ground on a four-story, 22-unit multifamily building just off the new traffic circle at the intersection of Frankford Avenue and York Street in Fishtown, Rising Real Estate reports. The project aims to capitalize on the momentum boost anticipated from the imminent completion of two larger apartment buildings on the roundabout, which have ample commercial space on the ground floor waiting to be leased.
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