SOURCE: Rittenhouse Realty Advisors

Rittenhouse Realty Advisors

June 15, 2016 12:29 ET

Rittenhouse Realty Advisors Sells Redevelopment of the 71,065 SF Pyramid Electric Building for $1.4 Million

PHILADELPHIA, PA--(Marketwired - June 15, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of the Pyramid Electric Supply Company Building in the Brewerytown section of Philadelphia. The 119,700± SF building is located at the intersection of N 31st Street and Glenwood Avenue. The property was in construction-ready shell condition at the time of sale, with full approval in place for 50 units with 35 garage parking spaces as well as bicycle storage and 5,000 SF of office space.

Given the property's location in quickly developing Brewerytown, the listing garnered great interest from area investors. An affiliate of MM Partners, a development company who has had a significant impact in the neighborhood in recent years, purchased the property with plans to complete the apartment conversion. Ken Wellar, Managing Partner of RRA said: "MM Partners has had an integral part in the redevelopment of this area. When they complete the construction on this property it will help anchor the rest of the neighborhood." Chris Egan, an associate at RRA, added: "The redevelopment of this impressive industrial building into residential will add to the strength of this growing neighborhood."

The property sits directly across from the 200,000 SF historic Red Bell Brewery building, which Rittenhouse Realty Advisors sold last month to another local investor. Mark Duszak, Director of RRA, said: "Through our unique marketing process we were able to generate great interest in this property and were ultimately able to sell it to a buyer who is truly invested in the neighborhood."

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

Image Available: http://www.marketwire.com/library/MwGo/2016/6/15/11G102972/Images/048-e0cf6069eedfae07b425c28e53b08f8e.jpg

Contact Information

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