Real Estate Journal — Pennsylvania — September 13 - 26, 2019 — 13C
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M id A tlantic
P ennsylvania
With master lease to hotelier ‘Sonder’ RRAannounces prime development opportunity: Rittenhouse Square development site
P
HILADELPHIA, PA — Rittenhouse Realty Advisors announced
a new devel- opment op- portunity for sale located at 1620 San- s om St . i n the Ritten- house Square neighborhood of Philadel-
Ken Wellar
phia. The property is available for sale as a joint venture part- nership with the current owner and is also for sale outright. The property has desirable CMX-5 zoning and is currently a mixed-use building with 300 garage parking spaces and retail tenants. Rittenhouse Re- alty Advisors is presenting it as a development opportunity to build 208 apartments (147,070 s/f) above the garage, which will be master leased to Sonder Inc., a growing, international apartment-style hotel chain. According to Forbes Magazine, the company was recently val- ued at $1.1 billion. Rittenhouse Realty was se- lected by current owner Bridge Funding out of New York to bring the opportunity to mar- ket. Ken Wellar , managing part- ner of RRA, stated: “1620 San- som St. is a very unique oppor- tunity. It’s the first of its kind in which the site is being sold based on the master lease. It is also one of the last remaining CMX-5 parcels left to develop in Rittenhouse Square.” Sonder is expanding its pres- ence in Philadelphia. Ritten- house Realty’s Chris Egan , senior associate, and Seth Douglas , associate sold 222 Vine St., a fifteen-unit building in the Old City neighborhood of Philadelphia, which also has a master lease in place with Sonder, to an out of state buyer. Egan noted: “The sale of 222 Vine further illustrates the trend of out of town inves- tors seeking tremendous value in the Philadelphia market. Sonder’s master lease bridged the gap between the developer’s otherwise potentially lengthy lease-up period and the buyer’s 1031 timeline to acquire the asset.” Douglas added: “Sonder sees the value in Philadelphia’s growth as a “Meds & Eds” city that brings increased popular- ity and demand to both the tra- ditional hotel and short-term rental markets.”
1620 Sansom St.
TOP SALES IN THE LEHIGHVALLEY
40 APARTMENTS Lower AlsaceTwp., PA
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48 APARTMENTS Bethlehem, PA
44PROPERTIES / 219BEDROOMS STUDENTHOUSING LehighUniv., Bethlehem,PA
20 APARTMENTS Allentown, PA
THE PARK Easton, PA 64 Apartments $7,200,000 FOR SALE
Corey Lonberger, Managing Partner corey@rittenhouserealty.com Mark Duszak, Director mark@rittenhouserealty.com For additional listings and information visit www.RittenhouseRealty.com or call (215) 454-2852 Luke DeLuca luke@rittenhouserealty.com KenWellar, Managing Partner ken@rittenhouserealty.com
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