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PREIT Picks Up a Philly Retail Building

PHILADELPHIA-Taking the final step in its assemblage of three blocks of property in Center City, PREIT has acquired another building at a Market Street retail complex for $60 million.

By Antoinette Martin | Updated on April 17, 2013

PHILADELPHIA-Pennsylvania Real Estate Investment Trust has acquired a 430,000-square-foot building at The Gallery at Market East on Market Street for about $60 million.

The six-story structure at 907 Market St. sits between two other buildings owned by PREIT at the retail complex. The purchase price was $59.6 million, with credits on in-place net operating income and a capitalization rate of 5.7%. PREIT paid cash in part, and also secured a $10 million note with 5% interest rate that is pre-payable at any time.

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