RRA ANNOUNCES PRIME DEVELOPMENT OPPORTUNITY: RITTENHOUSE SQUARE DEVELOPMENT SITE WITH MASTER LEASE TO HOTELIER ‘SONDER’
PHILADELPHIA, PA–(9/5/19) – Rittenhouse Realty Advisors is pleased to announce a new development opportunity for sale located at 1620 Sansom Street in the Rittenhouse Square neighborhood of Philadelphia. The property is available for sale as a joint venture partnership with the current owner and is also for sale outright. The property has desirable CMX-5 zoning and is currently a mixed-use building with 300 garage parking spaces and retail tenants. Rittenhouse Realty Advisors is presenting it as a development opportunity to build 208 apartments (147,070 SF) above the garage, which will be master leased to Sonder Inc., a growing, international apartment-style hotel chain. According to Forbes Magazine, the company was recently valued at $1.l billion.
Rittenhouse Realty was selected by current owner Bridge Funding out of New York to bring the opportunity to market.
Ken Wellar, Managing Partner of RRA, stated: “1620 Sansom Street is a very unique opportunity. It’s the first of its kind in which the site is being sold based on the master lease. It is also one of the last remaining CMX-5 parcels left to develop in Rittenhouse Square.”
Sonder is expanding its presence in Philadelphia. Rittenhouse Realty’s Chris Egan, Senior Associate, and Seth Douglas, Associate, recently sold 222 Vine Street, a fifteen-unit building in the Old City neighborhood of Philadelphia, which also has a master lease in place with Sonder, to an out of state buyer.
Egan noted: “The sale of 222 Vine further illustrates the trend of out of town investors seeking tremendous value in the Philadelphia market. Sonder’s master lease bridged the gap between the developer’s otherwise potentially lengthy lease-up period and the buyer’s 1031 timeline to acquire the asset.”
Douglas added: “Sonder sees the value in Philadelphia’s growth as a “Meds & Eds” city that brings increased popularity and demand to both the traditional hotel and short-term rental markets.”
View information on this property at the link: http://properties.rittenhouserealty.com/Redevelopment-Opportunity-1620-Sansom-Street-sale