Electric Factory concert building sold to Arts & Crafts development group
The group paid $20.1 million for the 188,167-square-foot building on 2.5 acres of land.
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Philadelphia development group Arts & Crafts Holdings has acquired the property north of Center City that's home to the Electric Factory concert venue.
The group paid $20.1 million for the 188,167-square-foot building on 2.5 acres, Michael Margolis, who marketed the site as a senior managing director with real estate services firm Newmark Knight Frank, said in an email Wednesday.
The property at 421 N. Seventh St. was sold by an ownership group called Callowhill Center Associates, which includes real estate investor Myron J. Berman, according to records filed with the city.
An Arts & Crafts spokeswoman had no immediate details about that group's plans for the site. Electric Factory's lease runs through October 2028, Margolis said. The building also houses the MilkBoy recording studio and is 38 percent leased, he said.
Arts & Crafts has in the past few years acquired at least a half-dozen properties in the vicinity of the Electric Factory building, some of which it has begun redeveloping into loft-style offices.
Among them are the 990 Spring Garden St. building, where a Roy-Pitz Barrel House brew pub recently opened as a ground-floor retail tenant.
The Electric Factory building sale was first reported by the Philadelphia Business Journal.