A private real estate firm has acquired an office building on the corner of 18th and Market streets in Center City.
Stockton Real Estate Advisors facilitated the sale of 1760 Market St. to a private real estate firm, according to a press announcement from Stockton. Terms of the deal were not disclosed.
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Victor Keen, an attorney at Duane Morris, had listed the building for sale in January for an undisclosed price. Its listed market value was $24.5M, according to city records.
The 126K SF, 14-story property has changed hands several times in recent years. Stockton and Alterra Property Group purchased the building for a little over $20M in 2015 and made capital improvements. The groups then sold the building to Keen for $31.5M in 2018, in what was then his biggest acquisition to date, according to The Philadelphia Inquirer.
New ownership plans to use the building for its original purpose as a primary office space, according to Stocktown’s founder and chief executive, Jim Paterno, who said he expected tenants to be drawn to its smaller suites.
“The uncertainty of the sale has been completed,” Paterno told Bisnow. “People were waiting in the wings, and we're starting to see nice deal flow but nothing we can announce at this point.”
SALES
Alterra IOS and Eco Materials have purchased 6110 Passyunk Ave., with plans to invest some $40M to build a recycling facility for soil.
The joint venture spent $5.75M on the 5-acre site in Southwest Philadelphia, according to the Philadelphia Business Journal. The recycling facility funding will come out of Alterra’s $900M fundraising round for industrial outdoor storage, a portion of which may be used for industrial projects.
The industrial giant raised nearly $1B in capital in its IOS Venture III LP fund, Bisnow reported in April.
THIS AND THAT
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The conservancy group that oversees the SS United States, a defunct ship docked along the Philadelphia side of the Delaware River, has launched a $500K fundraising campaign to urgently cover relocation costs of the ship, days after a judge ordered its removal. The U.S. District Court decision ended a dispute between the conservancy and dock landlord Penn Warehousing and Distribution after the landlord hiked rent.
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Trader Joe's plans to add its 12th location to the Philadelphia metropolitan area, the company announced last week. The newest location will open at 224 W. Dekalb Pike in King of Prussia, with no opening set so far. The remaining retail property at the site is listed for lease by Metro Commercial’s Joe Dougherty.
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