S hopping C enters P ennsylvania

M id A tlantic Real Estate Journal — Pennsylvania — October 22 - November 18, 2021 — 13B


Krawitz facilitate transactions RRA sells six walk-up apartment buildings totaling 40 units in Center City, Philadelphia


and shops as well as with- in close proximity to public transportation, these proper- ties generated a great deal of interest from buyers in the market. Ken Wellar , managing partner at RRA, said: “We are seeing more out-of-state capital look at core Center City real estate as part of their long-term, generational in- vestment plans. These buyers are looking for high-quality buildings in great locations.” Alan Krawitz , an associate at RRA who worked on the transactions, added: “Brown- stone assets in irreplaceable locations play a key role in the rental housing stock in Philadelphia. They sit at rent levels below boutique new- construction, class A, fully amenitized, high-rise assets, providing the renter value without sacrificing proximity to the action.” MAREJ

H I L ADE L PH I A , PA — Rittenhouse Realty Advisors , a

commercial real estate sales broker- age firm, is p l eas ed t o a n n o u n c e the sale of six walk-up apa r tmen t buildings in the Washing- ton Square, Rittenhouse Square, and Queen Vi l - lage neigh- borhoods of Center City. T h e s a l e s included the

Ken Wellar

Alan Krawitz

following properties: 11 units at 623 & 625 Pine Street, 9 units at 2015 Walnut Street, 5 units at 614 South 3rd Street, 6 units at 735 Spruce Street, &

9 units at 1127 Spruce Street. Each of the properties of-

fered value-add opportunities. All well-located for tenant

enjoyment of Philadelphia’s popular restaurants, cafes,

RIDC partners with Armstrong County, repositioning North- pointe Industrial Park to attract tech and light industrial jobs

WEST MAHONING TWP., PA — Regional Industrial Development Corporation

o f Sou t h - w e s t e r n Pennsylva- nia (RIDC) announced a partnership w i t h A rm- strong Coun- ty Industrial Development

Donald Smith Jr.

Council to support the devel- opment of their Northpointe Industrial Park through joint marketing and repositioning with the goal of attracting ad- ditional tenants and tech and light industrial jobs. The Northpointe Industrial Park, owned by Armstrong County Industrial Develop- ment Council, is over 800 acres but has 115 acres ready for development. It is located im- mediately adjacent to the Al- legheny Valley Expressway and 19 miles from the PA Tpke. RIDC’s efforts will include: • Packaging real estate and

Northpointe Industrial Park

community and we share that vision.” “RIDC has a long track record for catalyzing economic growth in the communities they part- ner with, especially in attract- ing tech and light industrial jobs,” said Don Myers, Chair- man of the Armstrong County Board of Commissioners. “I have no doubt, that with their expertise and network on our

side, we will stimulate growth at this site.” “This is just the start of an in-depth partnership with Arm- strong County,” said Timothy White, Senior Vice President of Development. “We hope to increase our support here, as a part of our strategy to widen and strengthen the scope of our regional economic development efforts.” MAREJ

re-introducing it to the mar- ket through RIDC’s regional network • Installation of new leasing signage at the property • Possible use of commercial brokerage services • Revaluation of the develop - ment strategy based on market feedback •Northpointe page onRIDC’s website

“Large projects like this one have been RIDC’s specialty. They need to be positioned, marketed and effectively de- veloped to meet the needs of the companies that are driving economic growth in today’s marketplace,” said Donald Smith Jr., RIDC president. “We know how committed Armstrong County is to bring- ing businesses and jobs to the

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