A Commercial Real Estate Advisory Company A Commercial Real Estate Advisory Company
Your search results

RRA/GREA SELLS 73 UNITS PLUS 15,000 SF OF COMMERCIAL SPACE IN PHILADELPHIA FOR $22,800,000

by RRA on June 22, 2022
RRA/GREA SELLS 73 UNITS PLUS 15,000 SF OF COMMERCIAL SPACE IN PHILADELPHIA FOR $22,800,000
Comments:0

Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Spring Lofts in Philadelphia.  The buildings, located at 1217-35 Spring Garden Street and 1222-30 Ridge Avenue, consist of  73 apartment units, 43 parking spaces and 15,016 square feet of commercial space.  

Spring Lofts is located in the dynamic Spring Arts/Callowhill/Loft District Section of Philadelphia – home to breweries, restaurants, live music venues and universities.  The area has seen a surge in redevelopment and new construction in recent years, along with the development of Philadelphia’s Rail Park, modeled after NYC’s High-Line park.    

 A strong family office new to the Philadelphia market purchased the property.  Ken Wellar, Managing Partner at RRA/GREA, stated:  “Spring Lofts sits in a rapidly redeveloping area off of 12th and Spring Garden Street.  The buyer was able to see the upside in rent growth potential.” 

“The sellers did a great job in renovating the residential units with high-end finishes and attracting quality businesses to the commercial units.  They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time,” added Corey Lonberger, Managing Partner at RRA/GREA.   

Share

Compare