Philly sale tops $110M

Property improved during owner's 4-year tenure

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UrbanAmerica LP recently sold a 435,352-square-foot office building in Philadelphia, Pa., for $110.5 million. Pro-Med Market LLC purchased the 18-story building, located at 3535 Market St., for $254 a square foot. Tenants at the time of sale included University of Pennsylvania, Children's Hospital of Philadelphia and FedEx Kinkos. UrbanAmerica purchased the property in December 2002 for approximately $80 million and invested in significant capital improvements to attract and retain its current tenant base. ...