{"id":1004187266,"date":"2017-08-17T01:43:20","date_gmt":"2017-08-17T09:43:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004187266"},"modified":"2021-05-14T23:55:48","modified_gmt":"2021-05-15T07:55:48","slug":"electric-factory-building-in-philly-trades-for-20m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/electric-factory-building-in-philly-trades-for-20m\/","title":{"rendered":"Electric Factory Building in Philly Trades for $20M"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004187270\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004187270\" data-attachment-id=\"1004187270\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/electric-factory-building-in-philly-trades-for-20m\/capture-122\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Callowhill Center, Philadelphia\" data-image-description=\"&lt;p&gt;Callowhill Center, Philadelphia&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Callowhill Center, Philadelphia&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png?w=1000\" loading=\"lazy\" class=\"wp-image-1004187270 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png\" alt=\"Callowhill Center, Philadelphia\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Capture3.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004187270\" class=\"wp-caption-text\">Callowhill Center, Philadelphia<\/p><\/div>\n<p>Callowhill Center Associates LP sold Callowhill Center, a 188,167-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/liberty-property-trust-sells-king-of-prussia-office-asset\/\">Philadelphia office complex<\/a>. Local real estate developer Arts &amp; Crafts Holdings purchased the property for $20.1 million. The complex houses the iconic Electric Factory concert venue, which has been the anchor tenant for more than 20 years.<\/p>\n<p>Located at 421 N. 7th\u00a0St. in the city\u2019s Callowhill neighborhood, the property comprises an office building and a one-story annex situated\u00a0on a 2.5-acre parcel. The seven-story building boasts creative spaces and an additional 26,000 square feet of retail space. Other amenities include 14-foot ceiling heights, a high window line, original wood plank floors and versatile floor plans. It also has 243 parking spaces, as\u00a0the parking lot falls under a mixed-use zoning overlay.<\/p>\n<h2>From warehouse to creative office<\/h2>\n<p>Callowhill Center was originally built in 1938 and served as an electric factory until it underwent an adaptive reuse in 1995, when it was converted to office. The property offers easy access to interstates 676, 95 and 76, but also to the Ben Franklin Bridge.<\/p>\n<p>According to Yardi Matrix, the property previously traded in 1986 for $2.25 million and is 38.2 percent occupied by tenants such as Lincoln Investment Planning Inc., Brolik, School of Rock and FreshFly.<\/p>\n<p>Newmark Knight Frank Capital Markets Senior Managing Directors Mike Margolis and Dave Dolan and Managing Director Dave Garonzik, together with Jeff Tertel and Jim Egan acted on behalf of the seller.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Callowhill Center, the two-building office complex that houses the iconic Electric Factory music venue, changed hands after being under the same ownership since 1986. <\/p>\n","protected":false},"author":241,"featured_media":1004187270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1494],"tags":[37239,36007],"class_list":["post-1004187266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-philadelphia","tag-arts-crafts-holdings","tag-newmark-knight-frank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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