(For more retail coverage, click GlobeSt.com/RETAIL.)
PHILADELPHIA-Pennsylvania Real Estate Investment Trust hassigned an agreement with Federated Department Stores Inc. toacquire floors one through six of the former Strawbridge &Clothier department store building at Eighth and Market streets.Jenkintown-based American Realty Financial Trust owns floors seventhrough 13, which are offices that, according to AFR, are 94%occupied, and were not a part of the transaction with PREIT.
The Strawbridge building is located next to locally basedPREIT's 527,000-sf Gallery at Market East. The portion acquired byPREIT aggregates approximately 550,000 sf, Joseph Coradino,president of PREIT Services, tells GlobeSt.com. The new owner plansto utilize the lower three floors for retail and the others foroffice space.
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