A Center City tower that opened in 1929 as a hotel and was converted to apartments decades later has sold to a new investor group.
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The Drake at 1512 Spruce St. sold for an undisclosed price to a partnership including Lionheart Realty Group, Lineage Squared, Avery Cos. and AMS Equities, Newmark announced. The seller was Brookfield Properties, the Philadelphia Business Journal reported.
The building, repositioned into apartments in 1998, houses 289 units and an 8,500 SF ground-floor space occupied by InterAct Theatre Co.
“The Drake presented a rare opportunity to acquire an iconic property in an irreplaceable location,” Lionheart founder Yehudah Greenberg said.
“We see tremendous potential to enhance value for our tenants and the broader community through strategic capital investments and a strong focus on the resident experience.”
A Newmark team including Executive Managing Director Erin Miller and Associate Chris Koehler represented the seller while Lument Managing Director Mark Vinitsky represented the buyer.
SALES
Velocity Venture Partners sold a nearly 125,000 SF industrial portfolio in Montgomery County to NorthBridge Partners for about $22.2M or $178 per SF. Newmark’s Industrial Capital Markets team helped arrange the sale of the properties off Wissahickon Road in North Wales.
CONSTRUCTION AND DEVELOPMENT
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Leasing has begun at Federal Realty Investment Trust’s 217-unit apartment building in its Bala Cynwyd on City Avenue complex. Move-ins are expected to begin in March.
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The Philadelphia Free Public Library Paschalville Branch in Southwest Philly officially reopened Oct. 16 after a $13M renovation designed by DIGroupArchitecture.
FINANCING
GFI Realty Services has closed a $96M refinancing loan for a multifamily property at 4701 Pine St. in University City. It was arranged by GFI Managing Director Daniel Lerer, the firm said in a press release. The borrower is Infinity Real Estate and the lender is New York Life.
THIS AND THAT
High Concrete Group and AIA Philadelphia are hosting an Architectural Precast Concrete Walking Tour of the Philadelphia Navy Yard at 11 a.m. Nov. 12.
“Explore how precast concrete is shaping the future of architecture through real-world applications in one of Philadelphia's most dynamic redevelopment zones,” says a social media post promoting the event.
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