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PHILADELPHIA-Thor Properties, a unit of New York-based Thor Equities,acquired The Shoppes at Chestnut Hill, a three-building, 40,570-sf shoppingcenter in one of the city’s tonier neighborhoods, for $13.5 million, or about $332.76per sf. The seller is Chicago-based Transwestern Investment Co.

This Thor subsidiary specializes in acquiring premier, high-performanceretail assets in densely populated, upscale urban centers. It will renamethe property Gallery at Chestnut Hill as part of its growing portfolio of”Gallery” branded retail centers nationwide.

The property is 100% leased. Among the tenants are Joseph A. Bank Clothiers,Borders Book Shop, Talbots, and Express & Express Man.

“By introducing a Gallery property to an already vibrant urban village, weintend to make Chestnut Hill an even more appealing locale to visit orlive,” said Joseph J. Sitt, Thor’s chairman and CEO.

Sitt is the founder of Ashley Stewart Ltd., an upscale ladies’ apparel chainserving the African-American market, which has 300 stores nationwide andapproximately $300 million in annual sales. Other Thor retail venturesinclude The Children’s Place, Petrie Stores, and Kidspot.

Over the past 18 months, Thor has acquired approximately 4 million sf ofretail, office and residential properties. The portfolio, according to aThor statement, is valued at more than $350 million.

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