|By Marketwired .||
|July 29, 2014 12:10 PM EDT||
PHILADELPHIA, PA -- (Marketwired) -- 07/29/14 -- Rittenhouse Realty Advisors is pleased to announce the sale of adjacent mixed-use buildings situated in the Rittenhouse Neighborhood of Center City Philadelphia. Situated on a rapidly-developing block of Chestnut Street, the combined properties consists of three studio units, one, three-bedroom unit and three commercial units. "Located on one of the busiest commercial corridors in Center City, these properties benefit from heavy pedestrian and vehicular traffic exposure, and convenient walking distance to the most populated business district in the region," noted Ken Wellar, one of the Managing Partners of Rittenhouse Realty Advisors.
The property at 2004 Chestnut Street consists of three studio units, a large three-bedroom unit and one commercial space. The restaurant at street-level has enjoyed success supported by lunch crowds from office buildings and the dense residential population of Rittenhouse Square. The property at 2006 Chestnut Street is a two-story building with a bar at street level. The bar and restaurant spaces recently underwent a complete renovation and are in their first year of a triple net lease.
"While 2004 and 2006 Chestnut both had strong retail tenants in place, it was the upper floors that presented the most opportunity for the buyers. The ability to reposition them to be in line with the rest of the development and activity on the block was a driving factor in this transaction," noted Christopher Egan, as Associate with Rittenhouse Realty Advisors, who represented the Seller.
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. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
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Corey Lonberger and Ken Wellar
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