Callowhill Center Associates have closed on the disposition of 421 North 7th Street for $20.1 million to Arts & Crafts Holdings. The two-building, 188,167 square foot Philadelphia property is 38 percent occupied by small tenants and by the Electric Factory, a 50-year-old concert promotion company known for bringing Rock & Roll to Philadelphia. A highly desirable asset with local and national interest has a parking lot that allows for multiple development sites under the new CMX-3 zoning overlay. The seven story building rests on a 2.47 acre site and features 14-foot ceilings, high window line, original wood plank floors and exposed brick. Newmark Knight Frank represented the seller during the sale.
