PHILADELPHIA-The developer of The Piazza at Schmidt’s and Liberties Walk has sold a controlling interest in the mixed-use plaza to New York investors.
Bart Blatstein, whose Tower Investments Inc., spurred transformation of a down-at-heels neighborhood into a trendy residential area, sold a 60% interest in the properties to Kushner Cos. for an undisclosed price, estimated to have total value of $130 million.
Kushner made the acquisition in a joint venture with Oaktree Capital Management L.P., an investment fund.
The Piazza has 430 residential units, 100,000 square feet of commercial space and an 80,000-square-foot plaza. Liberties Walk includes 72 residential and 30 commercial units.
“It’s a great time to be selling multi-family assets,” Blatstein told the Inquirer.
Blatstein is currently focused on his bid to obtain the city’s second casino license. His proposal for the former Inquirer office building at 400 N. Broad Street would create an entertainment complex called The Provence with shopping, dining and theaters set around a casino.
Jared Kushner, a principal of the Kushner Companies real estate company, also owns the New York Observer newspaper.