PHILADELPHIA-The Granary, a new nine-story, high-end apartment building in Center City, has been sold by the developer to a client of Lowe Enterprises Investors for $120 million.
Pearl Properties developed the complex at 20th and Callowhill Street, which has 229 apartments and 20,463 square feet of ground-floor retail space.
“The Philadelphia apartment market continues to demonstrate strong demand and growth,” said Bleecker Seaman, co-CEO of Lowe Investors, in discussing the deal.
The newly completed building is already 40% leased. The Granary has one-and two-bedroom units, many with a den or study and a balcony, modern amenities and luxury finishes.
The building has a state-of-the-art fitness center, business center, music room and library, community kitchen and club room with outdoor terrace, a roof deck with movie screen for community movie nights, an onsite concierge and a full-time doorman.
The Granary's street level shops are occupied by national and local retailers: Petco and Pizzeria Vetri, the newest restaurant by local chef Marc Vetri, opened in October. GNC, Whirled Peace frozen yogurt, and Gyu-Kaku will open in the next few months.
The building is within walking distance of the City's core office market and close to The Barnes Museum. A Whole Foods and Starbucks are adjacent to the property.
Lowe has hired Greystar to manage The Granary. John Gaghan of Lowe Enterprises Investors' Philadelphia office led the firm's acquisition team, Jose Cruz of HFF represented Pearl Properties in the transaction and Jeff Heath of Berkadia Commercial Mortgage sourced the debt.
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