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RRA/ GREA SELLS THREE DEVELOPMENT SITES TOTALING $47+ MILLION, BRINGING OVER $150 MILLION IN NEW DEVELOPMENT PROJECTS TO THE CITY OF PHILADELPHIA

by RRA on April 13, 2022
RRA/ GREA SELLS THREE DEVELOPMENT SITES TOTALING $47+ MILLION, BRINGING OVER $150 MILLION IN NEW DEVELOPMENT PROJECTS TO THE CITY OF PHILADELPHIA
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RRA/GREA JUST SOLD DEVELOPMENT SITES PHILADELPHIA

PHILADELPHIA, PA–(4/13/22) –   Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of three development sites in Philadelphia:  650 Fairmount Avenue in the Northern Liberties neighborhood, 225-229 North 13th Street in Chinatown, and adjacent parcels in the Grays Ferry neighborhood located at 3114 Grays Ferry Avenue, 3115-3119 Wharton Street, 1216-24, 30-34, 1235, 1238, 1248, 1251 S. Patton Street and 1207-51 and 1228 S. Napa Street.  The total consideration of the transactions was over $47 Million.  

All three sites will be developed by developers that are new to the Philadelphia region.  650 Fairmount, located in the heart of one of the hottest neighborhoods in the city for real estate development, has plans for 297 apartments, 107 townhomes, plus 21,000 square feet of commercial space.  This four-year project started with the formation of a joint venture/partnership steered by RRA/GREA, followed by the planning and zoning approval process, and then a subsequent sale to Accurate Builders and Developers, a New Jersey developer.  225-229 N 13th Street is located in a Qualified Opportunity Zone and has plans for 81 apartment units in the heart of Chinatown.  The Grays Ferry site will soon be home to 1,200 self-storage units.  Total project development costs for all three sites is approximately $150 Million.

“Our team was able to secure buyers from California, New York, and North Jersey from networking at different conferences around the country.  These developments will bring over $150 million of new development into the Philadelphia market,” stated Ken Wellar, managing partner at RRA/GREA.   

These transactions highlight the benefits available to commercial real estate investors through RRA/GREA.  The company’s model is based on having local knowledge of markets around the country, with a global reach of investors and developers. 

Corey Lonberger, managing partner at RRA/GREA, added:  “Through RRA/GREA’s unique marketing platform we are able to reach potential buyers from throughout the country, assuring our clients top of market values for their assets.”

On a local level, Philadelphia is seeing a large volume of development projects going up across the city.  Mark Duszak, director at RRA/GREA, noted:  “These development site sales are excellent examples of the City of Philadelphia’s growth. Philadelphia continues to grow post-pandemic at the same pace as pre-pandemic.”

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