PH Retail, an affiliate of Philadelphia-based real-estate firm Post Brothers, has purchased a controlling interest in two Center City retail properties from Pennsylvania Real Estate Investment Trust.
PH Retail announced the acquisition of 1501-05 Walnut St. and 1520-22 Chestnut St. in a release on Tuesday. Plans include the redevelopment of the Chestnut Street property, which formerly accommodated a Dollar Tree store.
Post Brothers president Matthew Pestronk said in an e-mail that the terms of the deal are protected by a confidentiality agreement, but that the company's expenditures on the acquisition and planned improvements will exceed $50 million.
PREIT, co-owner of the Gallery at Market East shopping mall, said in a separate release that its gain on the sale was about $20 million. The company acquired the properties in December 2013 for $19.8 million, according to records filed with the city.
PREIT secured AT&T Mobility as a ground-floor tenant at 1501-05 Walnut St. in June 2015 after restoring the aged office building.