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| The Granary apartments, Philadelphia, PA |
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| Philadelphia Chef Marc Vetri |
NEW YORK, NY – HFF announced it has closed the
sale of The Granary, a recently completed, luxury mid-rise multi-housing
property in Center City, Philadelphia.
HFF marketed the property on behalf of the
seller, Pearl Properties. Lowe
Enterprises Investors purchased the property on behalf of one of its investment
clients.
The Granary consists of 229 one- and two-bedroom apartment
homes averaging 895 square feet each, 21,637 square feet of ground-level retail
space and underground parking.
Community amenities include a lobby/lounge,
fitness center, library/music room, club room with terrace, business center,
on-site concierge and full-time doorman.
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| Jose Cruz |
The Granary’s street level shops offer a mix of
national and local retailers including Petco and Pizzeria Vetri, the newest
restaurant by local chef Marc Vetri, which opened in October. GNC, Whirled Peace Frozen Yogurt and
Gyu-Kaku will follow during the next several months.
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| Andrew Scandalios |
The Granary is located at 20th and Callowhill Streets
proximate to mass transit and highway access and within walking distance of the
city’s core office market.
The Granary is also proximate to a wide variety
of cultural, retail and entertainment venues, with The Barnes Museum, Whole
Foods and Starbucks immediately adjacent to the property.
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| Jeff Julien |
The HFF team representing Pearl Properties was
led by senior managing directors Jose Cruz and Andrew Scandalios
and managing directors Jeff Julien and Kevin O’Hearn. HFF managing director Jim Cadranell
previously arranged construction financing for the property in 2012.
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| Kevin O'Hearn |
Additionally, John Gaghan of Lowe
Enterprises Investors’ Philadelphia office led the firm’s acquisition team and Jeff
Heath of Berkadia Commercial Mortgage sourced the debt.
Lowe Enterprises Investors has retained
Greystar as property manager for The Granary.
“The property is considered one of the most
luxurious rentals in Philadelphia,” said Cruz.
“The Granary offers an excellent location, modern amenities and superior
finishes to appeal to renters seeking a luxury residence in the heart of
Philadelphia.”
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| Jim Cadranell |
For
a complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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