PHILADELPHIA-Locally-based Pearl Properties has increased its portfolio on Walnut Street here with the acquisition of the renovated apartment building at 1401 Walnut St. for $15 million.
The real estate company already owns 1117 Walnut St., 1200 Walnut, 1126 Walnut St., 1425 Walnut, and 1611 Walnut among other nearby properties, according to the Philadelphia Business Journal. Pearl acquired the property from Kimco Realty Corp. of New Hyde Park, NY.
Pearl acquired floors three through 12 totaling 76,596 square feet. It has 36 apartments on eight floors and two floors currently being marketed as office space that are vacant.
CBRE Inc. arranged the sale of 1401 Walnut. The firm is handling the marketing of the 1805 Walnut and 1831 Chestnut St. properties for Kimco. See story in the Philadelphia Business Journal.
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