NEW YORK CITY – HFF announced today that 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. 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.
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.
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 arrangedfinancing for the property in 2012.
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.”
Pearl Properties is a leading Philadelphia-based owner/developer of apartments, retail and mixed-use properties.
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high-net-worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, www.LoweInvestors.comand management firm. For more information about LEI, please visit:
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.