PHILADELPHIA, April 03, 2017 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of two mixed-use properties in Center City, Philadelphia: 120 N. 3rd Street in the Old City neighborhood and 1701 South Street in the Graduate Hospital neighborhood.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/725fa7eb-53e3-43ca-abe9-7e686e13498f
120 N. 3rd Street contains four high-end renovated loft-style apartment units and one unit in “shell” condition, along with a ground floor commercial unit. It is well located among the boutiques and cafes of 3rd Street and is just a few blocks from historical tourist attractions like the Liberty Bell and the Betsy Ross House.
“120 N. 3rd is a beautiful property in a great submarket. We had an incredible amount of interest in this property, which speaks to the resurgence of the Old City neighborhood and its appeal to both local and out-of-town investors,” stated Chris Egan, an RRA associate who worked on both transactions.
1701 South Street is a newly constructed building with 9 apartment units and a ground floor commercial unit leased to 7-Eleven, located on the southern edge of the Rittenhouse Square neighborhood. The seller selected a buyer in less than 30 days after going to market.
“The credit of the NNN retail tenant and the beautiful new construction residential units were a huge attraction for this asset. RRA’s unique marketing process procured several qualified offers. The deal ultimately traded at over 97% of our asking price to an investor out of New York City,” Egan said.
Ken Wellar, Managing Partner of RRA, added: "We are seeing more and more buyers coming down from New York chasing yield. It seems that $300,000 per unit is the new norm for newer construction in Philadelphia.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.
Press Contact: Corey Lonberger and Ken Wellar Managing Partners 215-454-2852
Source:Rittenhouse Realty Advisors