New York Firm Buys 7-Building South Street Portfolio
Midwood Management, a New York-based development firm, has acquired seven properties along South Street as part of a portfolio sale.
The properties were sold by investor Michael Axelrod for a reported $8.8M, but may only be the beginning. The seven buildings were part of 35 that Axelrod owns, most or all of which are anticipated to be sold to Midwood, according to the Philadelphia Business Journal.
The properties in the first wave of sales sit at 306, 308, 524, 526, 530, 538, and 700-702 South St and cover a range of uses—most of which have retail on the first floor. Midwood is perhaps best known in Philadelphia for developing the Cheesecake Factory at 1430 Walnut St. [PBJ]