S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — March 19 - April 15, 2021 — 11B
www.marej.com
Firm closes 5th modular multi-family deal in Philadelphia Rittenhouse Realty Advisors sells 50 units in PassyunkSquaresectionofPhiladelphia for$11.75M P
property is walkable to the award-winning restaurants of Passyunk Square and The Italian Market. Ken Wellar , managing partner at RRA, stated: “There is a huge investor demand in stabilized product in the core of Center City right now. 1200 Washington was a great turn- key opportunity for an out-of- state buyer.” “This is the 5th modular multi-family deal our firm has closed in Philadelphia,” added Corey Lonberger , managing partner. “”We see a big future for modular development in multi-family.” MAREJ
H I L A D E L P H I A , PA — Rittenhouse Realty Advisors , a commercial real estate sales brokerage firm announced the sale of 1200 Washington Ave., a modular luxury apartment building in the Passyunk Square / Avenue of the Arts section of Philadelphia. The property contains 48 apart- ments and two commercial spaces. Built in 2017, the property features luxury finishes in the kitchens and baths, has a premium outdoor resident’s lounge and offers off-street parking for tenants. It was
built using modular construc- tion, in which sections of the building are constructed off-site, then delivered and assembled on the build site. Modular construction is con- sidered to be environmentally friendly because the process inherently prevents mate- Ken Wellar Corey Lonberger
1200 Washington Ave.
rial waste. 1200 Washing- ton is conveniently located
within walking distance to subway and bus routes. The
Dougherty andWoodard of Marcus &Millichap orchestrates sale of Hunting Park Plaza in Philadelphia for $6.5 million
Brands International – S&P “BB-”), GameStop (S&P “BB-”), and H&R Block (S&P “BBB”). Furthermore, 93% of the Cen- ter has been at the site since the early 2000’s, demonstrat- ing a proven track record in tenant performance; the larg- est of which, Wine & Spirits, recently executed a five-year lease extension, showing fur- ther commitment to the space. “This asset was originally put in escrow in March 2020 dur- ing the initial stages of the pandemic. The seller, buyer, mortgage broker, lender and tenants should all be acknowl- edged and commended for their persistence and professional- ism for navigating through the challenging hurdles COVID-19 presented, two scenarios where protests and riots completely damaged the property and subdivision process. This is a deal story for the ages and The Dougherty Team is proud to be associated with all parties involved and the resiliency that was displayed.” said Woodard. Hunting Park Plaza is stra- tegically located at the signal- ized, hard corner intersection of N. Broad St. & W. Roosevelt Blvd., two of the largest thor- oughfares in Philadelphia, av- eraging a combined 56,000 ve- hicles passing by daily. MAREJ
PHILADELPHIA, PA — Marcus & Millichap an- nounced the sale of Hunting
Park Plaza, a 17,401 s/f retail prop- erty located i n P h i l a - d e l p h i a . Ac c o r d i n g t o S e a n B e u c h e , broker of re- cord and re- gional man- ager of the firm’s Phila- delphia of- fice, the as- set sold for $6.5 million. Derrick Dougherty and Scott
Derrick Dougherty
Scott Woodard
Woodard , investment special- ists in Marcus & Millichap’s Philadelphia office, had the listing to market the prop- erty on behalf of the seller, a limited liability company. “Hunting Park Plaza is a first- generation sale that was origi- nally developed in the 1990’s. Located at the corner of North Broad and West Roosevelt Ave., this asset has some of the best real estate fundamentals in the area in terms of traf- fic counts, visibility, access,
Hunting Park Plaza
and signage. The seller is the original developer, and he did an amazing job collecting an all-star cast of tenants to cater to the local submarket and community.” said Dougherty. The buyer, a limited liability company, was secured and represented by Dougherty and Woodard. “Both buyer
and seller should be com- mended for their patience and perseverance throughout the process. We put the deal under contract a few weeks before the initial quarantine and faced additional chal- lenges such as new zoning and land approvals, two instances of severe property damage,
and the escrow timeline being extended out for almost a year but both buyer and seller stuck it out.” said Woodard. Hunting Park Plaza is lo- cated at 4221 N Broad St. in Philadelphia. The center contains multiple national credit tenants including Pop- eyes (Subsidiary of Restaurant
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