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PHILADELPHIA-Boca Raton, FL-based KIN Properties has sold the 117,000-sf industrial building at 110 E. Erie Ave. to locally based Community Academy for more than $2 million, or about $17.09 per sf. The former distribution center will be converted into a charter school.

“This is just the latest in a series of industrial buildings in Philadelphia that have been purchased for conversion to charter school use,” says Patrick Green, senior managing director of the local office of New York-based Insignia/ESG, in a statement. Green represented KIN in the transaction.

“Industrial buildings provide solid construction and exceptional design flexibility,” Green says. “The net result is a quality school building at a fraction of the cost of new construction.”

Until recently, Philadelphia has lagged behind other state municipalities in approving charter school grant applications under a state law enacted in 1997 and revised last year. While just three grants were approved between 1997 and 2001, more than a dozen are said to be under serious consideration.

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