NKF Arranges Sale of the Callowhill Center in Philadelphia, Pennsylvania for $20.1 Million

Philadelphia, PA (August 9, 2017) — Newmark Knight Frank (NKF) today announced the sale of 421 North 7th Street in Philadelphia, a two-building, 188,167-square-foot property, situated on 2.47 acres. The long-time home of the iconic Electric Factory was sold for $20.1 million.

NKF’s capital markets team comprising Mike Margolis, Dave Dolan, and Dave Garonzik, along with area leasing experts Jeff Tertel and Jim Egan of NKF, represented the seller, Callowhill Center Associates, LP in the sales transaction. The buyer, Arts & Crafts Holdings, chose the location based on The Electric Factory’s 20-year tenancy and long-term lease, which lends to the creative atmosphere at the property. Additionally, the parking lot allows for multiple development sites under the new CMX-3 zoning overlay.

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