A little more than an acre of land at 10th and Chestnut streets in Center City has been acquired for a stunning $13 million, or $245 a square foot.
The 53,000-square-foot property was sold along with an adjacent sliver of land, a 7,820-square-foot piece, to Urban Growth Property Trust, a Chicago-based private REIT. The smaller piece of property went for close to $2 million, or nearly $242 a square foot, which is also considered a hefty price by Center City real estate observers.
PMA Capital had purchased the properties about 12 years ago, when it had its headquarters nearby at 925 Chestnut.
The prices the land sold for put these transactions in the …