Rittenhouse Realty Closes $6M Sale in Philly
- Mar 12, 2018
Rittenhouse Realty Advisors has sold a 16-unit property located in Philadelphia’s Fishtown neighborhood. JOSS Realty Partners acquired the newly constructed building for $6.3 million.
The asset is located at 18-20 W. Girard Ave. near several light rail and bus stations, including the Market-Frankford Line. The four-story building totals 18,130 square feet of rentable space. Sherwin Williams, a paint and building materials retailer, has a long-term lease for the entire ground floor. The multifamily component comprises 15 units offering a mix of one- and two-bedroom floorplans.
“We were able to identify several A+ assets in our search to satisfy our New York-based clients’ 1031 requirement. Ultimately, the out-of-state buyers were attracted to this property’s proximity to public transportation in a neighborhood that’s extremely desirable to Millennials and young professionals,” said Christopher Egan, senior associate at RRA, in a prepared statement.
The community is near multiple restaurants, retailers and entertainment destinations. Interstates 676 and 95 are just minutes away, with Center City and its multiple employers, museums and other attractions located within a 15-minute drive.
RRA recently sold a two-property residential portfolio in Philadelphia to New York-based investors for $8.1 million.
Image courtesy of Rittenhouse Realty Advisors