SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

May 24, 2016 12:08 ET

Rittenhouse Realty Advisors Sells Prime Center City Redevelopment Site for $3,000,000 at $542 per Square Foot

PHILADELPHIA, PA--(Marketwired - May 24, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of a redevelopment site located at 2330 Sansom Street in Center City West, near Rittenhouse Square in Philadelphia. There is an approximately 27,500 square foot building on-site that consists of two 2-bedroom apartments and one ground floor retail space that is currently under a corporate lease with Verizon. The property closed very quickly and sold for $3,000,000. Ken Wellar, Managing Partner of RRA, stated: "RRA's unique marketing process enabled us to procure the right buyer and close, all cash, within seven days of going under contract."

The existing structure sits on a 5,529 square foot lot and the property is zoned CMX-4, making it suitable for a future redevelopment. The property is well-located, just blocks from the Schuylkill River Trail and within walking distance to the University of Pennsylvania and the rapidly developing commercial district in the University City neighborhood of the city. It is also within close proximity to public transportation and major area roadways. This is the second redevelopment site RRA has sold in this neighborhood this year. "115 South 24th Street, which we sold earlier this year, also went under contract very quickly and closed less than a month after the agreement was signed," noted Corey Lonberger, Managing Partner of RRA.

New construction condominiums within a two-block radius are selling from $950,000 to $6,000,000. Mark Duszak, Director of Rittenhouse Realty Advisors, stated: "This property is in a prime location for redevelopment into a condominium building."

For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.

www.RittenhouseRealty.com

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Contact Information

  • FOR IMMEDIATE RELEASE
    Press Contact:
    Corey Lonberger and Ken Wellar
    Managing Partners
    215-454-2852