PHILADELPHIA-Locally-based PMC Property Group and its partner, Lubert Adler, the developers of the 2040 Market rental apartment project in Center City have put the nearly completed development on the market for sale.
Construction at the property is expected to be completed in two weeks, according to the Philadelphia Business Journal. PMC and Adler have added eight stories to the building, which now stands a total of 13 stories. The property has 282 apartments, of which 88% are leased, and 175 underground parking spaces. The building also has 16,000 square feet of retail space leased on a long-term basis to National Penn Bank and a Pennsylvania-state run Wine and Spirits store. Jones Lang LaSalle is marketing the property for sale.
Christine Espenshade, an investment broker with Jones Lang LaSalle believes the building could fetch a record price. “We know we are going to get top dollar,” she says. See story in the Philadelphia Business Journal.
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