S hopping C enters
Real Estate Journal — Shopping Centers — June 24 - July 14, 2016 — 3A
M id A tlantic
Adds 70,000 s/f of prime commercial space to PH Retail’s portfolio PH Retail acquires two Philadelphia retail properties with a total project cost of $50m+ P and Club Monaco, and cur- rently has one availability of 2,848 s/f.
experience. “These blocks of Walnut and Chestnut have some of the fastest-rising retail rents in the country, and we believe those numbers will continue to climb as demand for space outpaces supply,” Hope said. “As an increasing number of retailers eschew malls in favor of walkable, downtown locales, we are well positioned to acquire properties in Center City that are underutilized or not properly managed.” Situated on two of Philadel- phia’s most recognized streets, both 1501-1505 Walnut St. and 1520-22 Chestnut St. provide unparalleled access to the affluent residential base of Rittenhouse Square, the acclaimed Avenue of the Arts on South Broad St., Phila- delphia’s flourishing tourism base, and several employee- dense office corridors. Totaling 30,000 s/f of retail/ restaurant space, 1501-1505 Walnut St. is home to AT&T Mobility’s flagship location
HILADELPHIA, PA — In a strategic response to the rising demand for high street retail, PH Retail — an affiliate of real estate company Post Broth- ers — announced that it has acquired a controlling interest in two properties in Center City Philadelphia, with a total project cost in excess of $50 million. Located on two of Philadelphia’s most desir- able retail thoroughfares, the properties — 1501-05 Walnut St. and 1520-22 Chestnut St. —add 70,000 s/f of prime com- mercial space to PH Retail’s portfolio. “In recent years, we’ve wit- nessed an increasing number of retailers gravitate toward opening up locations on high streets,” said Randy Hope , co-founder and managing director of PH Retail. “With Millennials and Baby Boomers moving into urban neighbor- hoods at an unprecedented pace, retailers are migrating to heavily trafficked city streets,
Totaling more than 40,000 s/f, 1520-22 Chestnut St. fea- tures 27,000 s/f of above-grade space, and another 13,500 s/f below grade. Dollar Tree va- cated the property earlier this year, creating an availability that will be sought after by the large number of retailers that are intent on establishing a foothold in Philadelphia’s downtown. The seller of the properties was represented by James Galbally of JLL . “This part of Center City is truly a live-work-play urban core, and high-end retailers are clamoring to gain access,” said Hope. “While Walnut Street has long been a retail hotspot, the demand for space in this section of the city has led to high-quality retail op- tions along many of the neigh- boring corridors, with the most notable being Chestnut Street.” n
1520 Chestnut St.
where restaurants, cultural attractions and entertainment venues attract both affluent residents and tourists.” As an opportunistic investor, PH Retail identifies proper- ties that possess untapped potential, and optimizes their performance through capital
improvements and innova- tive leasing strategies. PH Retail delivers on its vision with a meticulous and keen attention to even the small- est details, from responsibly sourced building materials to efficiently designed buildings, which enhance the customer
Greysteel arranges the $3.6m sale of Glenside Terrace mixed-use property
Retail property traded by Marcus & Millichap in DC
G L E N S I D E , P A — Greysteel has arranged the sale of Glenside Terrace, a
m i x e d - u s e property in G l e n s i d e , PA, on behalf of Wexford P r o p e r t y M a n a g e - m e n t f o r $3.6 million. This trans- act ion was arranged by G r e y s t e e l p r e s i d e n t , Ari Firooz- abadi , and senior invest- ment associ- ate, Caleb Brown , who
Space Relief Center
1522 Rhode Island Ave.
personal trust who’s owned the property since the mid 1990’s. Wilson and Feldman also represented the buyer, a local private developer who purchased the property to eventually redevelop after the current leases expire. The property is located at 1522 Rhode Island Ave on an 8,092 s/f parcel in the Langdon neighborhood of Northeast Washington, DC Located less than one mile from the Rhode Island Ave and Brookland/ Catholic University metro sta- tions, 1522 Rhode Island Ave N.E. is zoned C-2-A and allows for 20,230 buildable s/f. n
WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 1522 Rhode Island Ave., a 2,214 s/f retail property located in the Northeast quadrant of Wash- ington, DC, according to Bryn Merrey , district manager of the firm’s Mid-Atlantic offices. The asset sold for $1.45 mil- lion, approximately $655 psf. Benjamin Wilson , invest- ment specialist, and Josh Feldman , associate vice presi- dent investments, both in Marcus & Millichap’s Wash- ington, DC office, had the listing to market the prop- erty on behalf of the seller, a
space housing a Subway and Philly Pretzel Factory. Lo- cated at 501 Edge Hill Rd., the property is in close proximity to major employers, schools, and retail centers inMontgom- ery County and Philadelphia. The property is across the street from SEPTA’s Ardsley Regional Rail Station on the Warminster Line, providing
residents with easy access to Center City and University City. “Greysteel highlighted the value-add opportunity and excellent location of the prop- erty to make a market for the deal and procure an investor who recognized the upside potential of the asset,” said Brown." n
are based in the Company’s Washington, DC and Philadel- phia, PA offices. Glenside Terrace, built in 1966, totals 35 residential units and 2,800 s/f of retail
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