RRA CLOSES THREE CENTER CITY, PHILADELPHIA BOUTIQUE BUILDINGS TOTALING $10,875,000
PHILADELPHIA, PA–(3/26/20) – Rittenhouse Realty Advisors reports that commercial property owners are transacting on new deals in Philadelphia, despite the widespread concerns caused by the COVID-19 pandemic. The brokerage firm recently closed three transactions in Philadelphia, including 2006 Walnut Street and 2130-32 Locust Street, both located in the Rittenhouse Square neighborhood, as well as 2136-42 East Dauphin Street, located in East Kensington/Fishtown.
2130-32 Locust Street contains 15 units (14 one-bedroom apartments and one 3-bedroom unit) and included the opportunity to add units by-right. 2006 Walnut Street consists of 13 units (3 studio apartments and 10 one-bedroom units). And 2136-42 East Dauphin Street is a mixed-use property containing 9 apartments (8 one-bedroom apartments and one 3-bedroom unit), one commercial unit leased to the Philadelphia Federal Credit Union, and 13 off-street parking spaces. Each building sold had updated units.
RRA Managing Partner Ken Wellar stated: “We are seeing investors flock to quality core assets in these times of uncertainty. We believe that given how heavily the Philadelphia rental market is driven by health care workers, that core assets will hold up in the downturn.”
Mark Duszak, Director at RRA, added: “These sales demonstrate how RRA’s unique marketing process continues to maximize value for our clients in today’s extraordinary times.”