Franklin House in Philadelphia has traded hands for the first time since the 1960s. Brick Capital purchased the mixed-use property, which features 49 apartment units and more than 16,000 square feet of office and retail space. The property traded hands from an unnamed seller for $12.7 million.

The property's true value lies in the location—one of the reasons that is hasn't traded hands in almost 60 years. Located in the Washington Square neighborhood, it is within a block of SEPTA's Jefferson Station, as well as PATCO's 9th-10th and Locust Street Station to New Jersey and near major employment centers, including Penn Medicine and Thomas Jefferson University Hospital.

Brick Capital managing partner Corey Lonberger said in a press release that the firm was attracted to the property's tremendous upside, however, he wasn't specific about the firm's business plan for the property. Prior to the sale, the previous owner completed $385,000 in capital improvements.