(For more retail coverage, click GlobeSt.com/RETAIL.)
PHILADELPHIA-Pennsylvania Real Estate Investment Trust has signed an agreement with Federated Department Stores Inc. to acquire 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 seven through 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 based PREIT's 527,000-sf Gallery at Market East. The portion acquired by PREIT aggregates approximately 550,000 sf, Joseph Coradino, president of PREIT Services, tells GlobeSt.com. The new owner plans to utilize the lower three floors for retail and the others for office space.
"Our major objective is to use it to enhance the retail presentation at the Gallery," Coradino says. "It presents an opportunity to get some new retail anchors--the kinds of tenants that have been talked about for Philadelphia for a long time that will help us position the Gallery as a vibrant, pedestrian-friendly retail center."
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