PA Ridge Associates Acquires Independence Press Building

PHILADELPHIA, PA— P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11^th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.

“Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area’s access to transit, major roadways, and the Reading Viaduct project,” Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells GlobeSt.com exclusively. “Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It’s exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University.”