RRA Sells Rittenhouse Square Mixed-Use Building in Philadelphia, Pennsylvania in 23 Days for $2.2 Million
PHILADELPHIA, PA, January 15, 2016 – Rittenhouse Realty Advisors is pleased to announce the sale of 109-115 South 24th Street in the Rittenhouse Square neighborhood of Philadelphia. The property, a mixed-use commercial building, was particularly appealing due to it being on a street-to-street parcel in the most affluent neighborhood in the city.
The brick and concrete structure consists of 15 garage parking spaces on the ground floor along with one commercial tenant and two commercial tenants on the second floor. The second floor commercial tenants, a CrossFit studio and a Jiu-Jitsu studio, each occupy 2,800 square foot of space with dedicated entrances on South Bonsall Street. The property is in close proximity to University City and Schuylkill River Banks Trail and Boardwalk. It is zoned CMX-4 which positions it well for several development possibilities.
“This property’s amazing location generated 10 offers in one week and allowed us to pick a buyer that closed in 23 days with no due diligence period,” stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
The property was on the market for just 9 days and closed within 23 days of a signed agreement of sale. Chris Egan, an Associate at Rittenhouse, noted: “The offering was a rare opportunity to acquire a CMX-4 parcel in the 19103 zip code. The extraordinary interest in this property enabled us to find the right buyer and close quickly at above 95% of the asking price.”
Vincent Tagliente, an Associate at Rittenhouse, added: “Through our unique marketing process and team approach to our brokerage, we were able to widely expose the property to the market and generate numerous offers for the seller in a relatively short amount of time.”