PHILADELPHIA, PA— P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.
"Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area's access to transit, major roadways, and the Reading Viaduct project," Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells GlobeSt.com exclusively. "Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It's exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University."
Kislak senior vice president Matt Weilheimer represented the seller in the transaction.
The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing "loft-district" neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.
"The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area," says Palmiotto. "And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
