Jasper Studios Acquires 257,000 SF Complex with Plans for Redevelopment
CBRE announced today the sale of the Steel Heddle Manufacturing Complex, a collection of now-vacant historic factory buildings in Philadelphia’s Allegheny West neighborhood. Philadelphia-based Jasper Studios acquired the four-building complex for $4.5 million and has plans to fully redevelop the property.
CBRE’s Spencer Yablon and Samantha Kupersmith spearheaded the marketing campaign and represented the seller during the negotiations, along with Maleda Berhane of AR Spruce, who served as the seller’s advisor.
“This was a very challenging, complex transaction and we were fortunate to pair the right buyer and seller together,” noted Mr. Yablon.“Both parties had the patience to see a complicated deal to a successful conclusion. We look forward to seeing what the new owner has planned for the Steel Heddle Building.”
Located at 2100 W. Allegheny Avenue, the complex previously served as a manufacturing plant for sewing machine partsbut has sat vacant since the 1990’s. Additionally, many large, industrial buildings in the area are unoccupied and Jasper Studios is hopeful the redevelopment of Steel Heddle will kick-start a revitalization of the neighborhood.
“Steel Heddle is a very unique property with beautiful historic architecture, high ceilings and expansive windows,” added Mrs. Kupersmith. “Most similar properties in Philadelphia have already been converted by developers, and very few are left.”
Steel Heddle is conveniently located less than one mile from I-76 and in close proximity to I-676 and I-95. The property is directly across the street from the SEPTA Allegheny stop on theManayunk/Norristown Line, providing direct access to Center City.
The property is located within the Qualified Opportunity Zone and was approved for Historic Tax Credits, both of which offer Jasper Studios tax incentives for the redevelopment.
