The price was $2.45 million, or $212.75 a square foot, according to Marcus & Millichap, which arranged the transaction. The three-story, 11,516-square-foot building was bought by a private partnership going under the name 1604 Chestnut Associates. It was sold by another private partnership, 1604 Chestnut Associates II. The building, which was built in 1930, was eyed by six investors who made offers within two weeks of the building hitting the market. Payless is the only tenant in the building, occupying 2,876 square feet. The shoe store recently exercised it final option to extend its lease another five years.
In other deals:
* The Radian, a 14-story mixed-use student apartment building under construction at 39th and Walnut streets in the University City neighborhood of Philadelphia, has been topped out. Inland American Communities Group Inc. of Dallas, is developing the Radian.
* Bio Trends Research Group, which conducts research reports in five therapeutic areas, leased 1,826 square feet at Lionville Professional Center at 65-67 Dowlin Forge Road in Lionville, Pa. Lieberman Earley & Co. arranged the lease.
* Pennsylvania's Department of Labor and Industry leased 36,000 square feet at 801 Arch St. The agency will move in by year end. The tenant was represented by Concordis Key Advisors while the landlord was represented by Seligsohn Soens Hess.
* Equifax Information Services, which arranges credit reports, renewed its lease on 9,723 square feet at 6 Clementon Road in Gibbsboro, N.J. Grubb & Ellis arranged the lease.
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source: bizjournals.com
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