Jacob Adelman of The Philadelphia Inquirer posted an article yesterday saying that a company linked to Alterra Property Group is working on a deal to buy part of the historic Strawbridge’s department store building from PREIT, possibly to lease it to Giant’s Heirloom Market. Adelman cited PREIT’s bankruptcy documents that refer to the property as the “Heirloom Unit.”
According to the documents filed last week, PREIT would sell a lower section of the former department store building to Alterra for $3 million sometime in early 2021. PREIT currently owns the bottom two floors of the building. Century 21 occupies the second floor but the department store has filed for bankruptcy and plans to close all of its stores.
Alterra is one of Philadelphia’s most active real estate developers.
PREIT filed for bankruptcy earlier this month and is pursuing a prepackaged restructuring plan that it said was supported by most of its creditors.