Philadelphia real estate company Post Brothers agreed to purchase a controlling interest in the Schmidt's Commons in Northern Liberties in Philadelphia in a transaction worth more than $130 million, the Philadelphia Business Journal reported.
The mixed-use community, which is still referred to as the Piazza, was majority owned by Oaktree Capital Investments with a 90% stake, with the remaining interest held by New York diversified real estate company Kushner Cos.
As part of the transaction, the property will be recapitalized in such a way that Post Brothers will gain a controlling stake by assuming Kushner's interest and additional stake.
Post Brothers intends to rechristen the property as the Piazza and drop the Schmidt's Commons name, the publication noted.
