Philadelphia, PA, March 27, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1805 Chestnut Street, a 5,000 square foot mixed-use apartment and retail property located in Philadelphia’s coveted Rittenhouse neighborhood. Located on the corner of 18th and Chestnut Street, 1805 Chestnut Street is comprised of retail on the ground floor and apartment units on floors one thru four. In accordance with the transaction, Blue Sole Shoes, a long-time local favorite for over a decade, renewed its lease on the ground floor premises thru 2024. The acquisition exemplifies Infinity Real Estate’s unique ability to secure value-add mixed-use properties in irreplaceable urban-infill locations throughout major U.S. urban retail corridors.
The premier location of the property, situated on the heavily trafficked corner of 18th and Chestnut is within 2 blocks of Rittenhouse Square providing easy access to retail consumers and an attractive rental location. “The acquisition of 1805 Chestnut Street provides an exciting opportunity to expand into the Philadelphia commercial real estate market by acquiring a value-add property in a Class-A location” comments Steven J. Kassin, Infinity Real Estate’s managing partner. “By investing in demand-oriented, urban properties that attract strong tenants, we are able to benefit from stable cash flows and the ability to tap into a highly competitive market segment from a leasing standpoint”. This investment is consistent with Infinity’s track record of acquiring unique opportunities in some of the best commercial neighborhoods in metropolitan cities.