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PHILADELPHIA-Five Downtown properties aggregating just over 87,000 sf have traded ownership in three separate transactions. All of the buildings are flex assets, built in the mid- to late-1970s. The aggregate value of the transactions is in excess of $9 million.

Local investor James L. Chu has acquired the 12,500-sf building on a half-acre at 801 Callowhill St. for $1.5 million and the 8,000-sf building on a 12,000-sf lot at 916 Callowhill for $800,000. The larger building is leased long-term by ABCO Refrigeration and the second property is currently vacant, Michael Barmash, director and SVP of the local office of Colliers Lanard & Axilbund, tells GlobeSt.com. Barmash brokered the transactions for all five buildings.

In the largest of the transactions, separate entities of the Thomas Sherwood family sold a 17,000-sf building on approximately three-quarters of an acre in the 600 block of N. Third St. and Bodine St. for nearly $2.3 million and a 30,000-sf building on 1.5 acres at 626-636 N. Fifth St. for almost $2.6 million to the same buyer. Barmash says the buyer was “a local investment group. Both buildings are vacant. The buyer plans to use the Third St. building for its corporate offices,” he says, adding that plans for the other property are not final.

A local investor acquired the 25,000-sf building on one acre at 401-15 Calowhill from an unidentified buyer for nearly $2 million. “The existing tenant, Brinks Security, will be vacating the property at the end of this year, “Barmash says. He has been assigned leasing and tells GlobeSt.com “the asking rate is $12 per sf net.”

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