New York investor Morris Bailey's JEMB Realty Inc. has sold 1700 Chestnut St., home to a new Nordstrom Rack store, to a unit of James R. Pearlstein's Philadelphia-based Pearl Properties, for an as-yet unrecorded price, says James M. Galbally, executive vice president for Jones Lang LaSalle Capital Markets, which represented JEMB.

JEMB bought the nine-story, masonry, 109,000 sq ft building two years ago when it was a vacant former Daffy's store, paying $16.5 million, according to city records. The city currently values the property at $20.6 million.