PHILADELPHIA—In what it calls “a strategic response to the rising demand for high street retail,” PH Retail—an affiliate of real estate company Post Brothers—has acquired a controlling interest in 1501-05 Walnut Street and 1520-22 Chestnut Street, with a total project cost in excess of $50 million.
Located on two of Philadelphia's most desirable retail thoroughfares, the properties add 70,000 square feet of prime commercial space to PH Retail's portfolio, which currently consists of assets valued in excess of $100 million.
“In recent years, we've witnessed an increasing number of retailers gravitate toward opening up locations on high streets,” says Randy Hope, co-founder and managing director of PH Retail. “With Millennials and Baby Boomers moving into urban neighborhoods at an unprecedented pace, retailers are migrating to heavily trafficked city streets, where restaurants, cultural attractions and entertainment venues attract both affluent residents and tourists.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
