RRA Sells Redevelopment Opportunity with Approval for 50 Units and 35 Garage Spaces for $1.4 Million
Rittenhouse Realty Advisors is pleased to announce the sale of the Pyramid Electric Supply Company Building in the Brewerytown section of Philadelphia. The 119,700± SF building is located at the intersection of N 31st Street and Glenwood Avenue. The property was in construction-ready shell condition at the time of sale, with full approval in place for 50 units with 35 garage parking spaces as well as bicycle storage and 5,000 SF of office space.
Given the property’s location in quickly developing Brewerytown, the listing garnered great interest from area investors. An affiliate of MM Partners, a development company who has had a significant impact in the neighborhood in recent years, purchased the property with plans to complete the apartment conversion. Ken Wellar, Managing Partner of RRA said: “MM Partners has had an integral part in the redevelopment of this area. When they complete the construction on this property it will help anchor the rest of the neighborhood.” Chris Egan, an associate at RRA, added: “The redevelopment of this impressive industrial building into residential will add to the strength of this growing neighborhood.”
The property sits directly across from the 200,000 SF historic Red Bell Brewery building, which Rittenhouse Realty Advisors sold last month to another local investor. Mark Duszak, Director of RRA, said: “Through our unique marketing process we were able to generate great interest in this property and were ultimately able to sell it to a buyer who is truly invested in the neighborhood.”
For more information on current rates or to view our available listings visitwww.RittenhouseRealty.com.