PHILADELPHIA-MRP Residential, a division of MRP Realty of Washington D.C., and Principal Real Estate Investors have partnered to acquire the residential portion of the Avenue of the Arts building here for $33 million.
The transaction with seller Ashkenazy Acquisition Corp. of New York City involves floors four through 17 totaling 209,095 square feet of the entire 283,126-square-foot building at the corner of Broad and Chestnut streets. The space is currently used as student housing by the Art Institute of Philadelphia, according to the Philadelphia Business Journal.
The MRP-Principal partnership plans to redevelop the property into a 220-unit luxury apartment building.
Jim Galbally, John Plower, Doug Rodio, Joe Garibaldi and Jim Vesey of Jones Lang LaSalle arranged the transaction. The retail portion and floors one through three were not part of the sales deal. See story in the Philadelphia Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
