Building in Phila.’s Loft District for sale for $7M
Philadelphia Business Journal by Natalie Kostelni, Reporter
Date: Monday, May 14, 2012, 2:32pm EDT
The Independence Press building, a nine-story, 156,000-square-foot structure at 533 N. 11th St. in the Loft District of Philadelphia, is up for sale. It’s listed at $6.9 million.
Kabro Associates, the current owner, bought it April 2010 for $4.05 million from Patriot Parking. Though it had been approved for 92 apartments when acquired, Kabro spent $1 million undertaking a full-interior demolition and asbestos removal.
“They brought it to a shovel-ready state,” said Steve Marzullo, an investment broker with CBRE Inc.
“We’re seeing so much going on around it,” Marzullo said about where the property is located. “We think this is the right time to get out and get this project started.”
Marzullo came up with the $6.9 million price tag after figuring out what it would cost to construct and complete the project as apartments. The price equates to about $75,000 a unit. It also takes into account expanding the building one or two stories up from the roof, he said.