HFF Brokers Sale of 15-Story Apartment Building in Downtown Philadelphia
PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.