Kislak completes $5m sale of the 156,000 s/f Independence Press Building in Philadelphia
PHILADELPHIA, PA — The Kislak Company, Inc. announced the recent sale of the Independence Press Building, a vacant 156,000 s/f building located at 525 North 11th St. in Philadelphia, Pennsylvania. Senior vice president Matt Weilheimer represented the seller and sales associate Anthony Palmiotto represented the purchaser. The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing “loft-district” neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.
“The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area,” said Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood.” “The purchaser, P.A. Ridge Associates, acquired a shovel-ready project, located in an emerging neighborhood,” said Weilheimer. “The finished product will include 92 luxury residential units, some with private roof decks, and indoor parking.” Weilheimer joined Kislak in 1996, is consistently among the firm’s leading salespeople, and has won numerous sales production awards including Kislak’s 2010 Production Award. Palmiotto joined Kislak in 2012 and specializes in the sale of multifamily and other investment properties in and around Philadelphia, including southern New Jersey.