M id A tlantic Real Estate Journal — Pennsylvania — July 22 - August 18, 2022 — 17B
www.marej.com
P ennsylvania
Spring Lofts area has seen a surge in redevelopment and new construction in recent years RRA/GREA sells 73 units plus 15,000 s/f of commercial space in Philadelphia for $22.8M
HILADELPHIA, PA — Rittenhouse Real- ty Advisors , a member of GREA announced the sale of Spring Lofts in Philadel- phia. The buildings, located at 1217-35 Spring Garden St. and 1222-30 Ridge Ave., consist of 73 apartment units, 43 park- ing spaces and 15,016 s/f of commercial space. P Beacon completes lease for BG Capital at Three Bala Plaza
Spring Lofts is located in the Spring Arts/Callowhill/ Loft District Section of Phila- delphia – home to breweries, restaurants, live music venues and universities. The area has seen a surge in redevelopment and new construction in recent years, along with the develop- ment of Philadelphia’s Rail Park, modeled after NYC’s High-Line park. A strong family office new to the Philadelphia market purchased the property. Ken Wellar , managing partner at RRA/GREA, stated: “Spring Lofts sits in a rapidly rede-
veloping area off of 12th and Spring Garden St. The buyer was able to see the upside in rent growth potential.” “The sellers did a great job in renovating the residential units with high-end finishes and attracting quality busi- nesses to the commercial units. They also created a desirable unit mix, with larger units which are more desirable to tenants as many employees continue to work from home part-time if not full-time,” added Corey Lonberger , managing partner at RRA/ GREA. MAREJ
Spring Lofts
CLOSED 2022 YTD $575 ± million IN TOTAL CONSIDERATION
3 Bala Plaza
BALA CYNWYD, PA — Beacon Commercial Real Estate LLC has completed the following transaction at 3 Bala Plaza, Bala Cynwyd. BG Capital LLC , a commer- cial real estate-based invest- ment and development compa- ny signed a long-term lease on a 6,974 s/f office space at Three Bala Plaza. Gene McHale from Beacon Commercial Real Estate represented the tenant, BG Capital, and Janet Guil- iani and Jessica Burbach represented Tishman Speyer , the landlord. MAREJ NAI CIR inks 1,660 s/f in Highspire, PA HIGHSPIRE AND CAMP HILL, PA — The 1,660 s/f mar- ket and deli, located at 402 Wil- low St. in Highspire has been sold to Paramount Sol LLC. Amber Corbo , of NAI CIR , represented the seller and Roy Brenner , of Landmark Com- mercial Realty , represented the buyer. The commercial building located at 3702 Hartzdale Dr. in Camp Hill has been sold to Athanasios and Athena Bala- foutas. The 1,000 s/f space will be offered for lease. The property was the former home to Toppers Hair Salon. James Ross represented the sellers and Landmark Com- mercial Realty represented the buyers. MAREJ 402 Willow St.
3,912 TOTAL UNITS
6 STATES
43 TOTAL TRANSACTIONS
MANDO DE ARMAS FL BK3111661 786.486.9462
DOMENICK PERONTI DE RB0020193 302.994.3907
SHAUN BUSS MO 2017016641 312.878.7361
KEN WELLAR MANAGING PARTNER 215-454-2879
COREY LONBERGER MANAGING PARTNER 215-454-2878
MARK DUSZAK DIRECTOR 215.454.2884
JEFFREY GOLDSTEIN NY 10491207562 212.765.7900
JENNIFER STEIN GA H66414 213.446.5366
View our available listings at www.rittenhouserealty.com & www.grea.com
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