PHILADELPHIA-Brickstone Realty Corp. has acquired three adjacent buildings at 1122-1128 Chestnut St. for $8 million.
The three buildings total 135,000 square feet, according to the Philadelphia Business Journal. Jones Lang LaSalle arranged the transaction.
1122-1124 Chestnut, was constructed as two adjacent structures, one five stories tall and the other four stories and were later connected as one big building. The other building, 1126-1128 Chestnut, is six stories with a basement. A former owner had proposed to develop a $75-million, 21-story tower on the site that would have totaled approximately 300,000 square feet. The project never came to fruition and the property was later taken back by a lender.
A number of buildings in the neighborhood are being renovated for housing.
See story in the Philadelphia Business Journal.
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