Arts & Crafts Holdings, a development group that has been snapping up properties north of Center City, has made another acquisition: the Citizens Bank branch at Spring Garden Street and Ridge Avenue.

An Arts & Crafts affiliate paid $1.55 million for the 2,300-square-foot bank building on 10,700 square feet of land, according to records filed with the City of Philadelphia.

Marc Wiser of brokerage Go Commercial, who represented Baltimore-based seller MMAC Properties LP in the transaction, said in an email that the new owners are thought to be planning to "wait, hold and then redevelop" the property at 1201 Spring Garden St.

Citizens Bank spokesman Steve Sylven had no immediate details on how long the bank intended to continue operating there. Craig Grossman, an Arts & Crafts general partner, said the company does not discuss tenant leases and declined to discuss plans for the site.

Arts & Crafts has acquired at least five formerly industrial properties in the area, near what could eventually be part of the Rail Park planned along the abandoned Reading Viaduct. It is in the process of buying a vacant, city-owned lot amid those properties.