PHILADELPHIA, PA, December 5, 2013 – Rittenhouse Realty Advisors is pleased to announce the sale of 1100 South Street in Philadelphia, Pennsylvania. The corner retail condo is located on the rapidly developing eastern side of South Street, a destination shopping and dining corridor for residents of Philadelphia and visiting tourists. The property’s location affords excellent proximity to many national corporate retailers, including: Wholefoods Markets, Starbucks, and CVS. This sale is a testament to the revitalization of the neighborhoods surrounding the long-time South Street retail corridor.
1100 South was sold as a NNN retail condo. NNN assets are attractive to investors looking for a hassle-free investment. This single user condo required minimal management resources, as the maintenance and upkeep of the property are the responsibility of the tenant. “This was a win-win transaction,” stated Chris Egan, Associate at Rittenhouse Realty Advisors. “We were able to introduce a buyer that saw value in not only the value of the lease and the tenant that was in place, but also the long term value of a corner retail location on a rapidly redeveloping section of South Street East.”