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Philly’s Callowhill Center Acquired
Arts & Crafts Holdings acquired 421 North 7th Street in Philadelphia from Callowhill Center Associates, LP for $20.1-million. The two-building, 188,167-square-foot property, situated on 2.47 acres, is the long-time home of the iconic Electric Factory.
The seven-story loft building is viewed as a poster child for creative space options with 14-foot ceiling heights, high window lines, original wood plank floors and exposed brick. The sizeable property runs from 6th Street to 7th Street along Willow Street, and north on 7th Street, to approximately halfway to Spring Garden Street.
Currently, the building and one-story annex are 38 % occupied with small tenants and the Electric Factory, a 50-year-old concert promotion company known for bringing Rock & Roll to Philadelphia.
NKF Capital Markets’ Mike Margolis, Dave Dolan, and Dave Garonzik, along with NKF area leasing experts Jeff Tertel and Jim Egan, represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
