FOR THE FIRST TIME SINCE THE 1960s, RRA SELLS ICONIC FRANKLIN HOUSE IN CENTER CITY, PHILADELPHIA WITH 49 APARTMENTS & 16,600 SF OF OFFICE & RETAIL FOR $12.7 MILLION
PHILADELPHIA, PA–(4/26/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of the Franklin House, located at 829-37 Spruce Street in the historic Washington Square neighborhood of Philadelphia. This is the first time the property has been sold since the 1960’s.
The property contains forty-nine apartments plus 16,600+/- square feet of office and retail space and had received over $385,000 in capital improvements prior to sale. The apartments feature high ceilings and large bay windows and tenants enjoy being within walking distance to the top restaurants, cafes, bars, and theatres in the city. The property is well-situated between major employers Penn Medicine and Thomas Jefferson University Hospital. Additionally, is it one block from SEPTA’s Jefferson Station, as well as PATCO’s 9th-10th and Locust Street Station to New Jersey.
Ken Wellar, Managing Partner at RRA, stated: “The property is a core investment due to its premium location in the city, across the street from Pennsylvania Hospital. Because it is such a desirable asset, the property has not traded hands since the 1960s.”
Brick Capital, led by Alex Cook and Scott Baldasare, purchased the property. “Brick Capital is a large, well-respected operator in Philadelphia who plans to greatly increase value by taking advantage of the tremendous upside in this asset,” added Corey Lonberger, Managing Partner.