Rittenhouse Realty Advisors announces the sale of commercial real estate in Philadelphia

Philadelphia commercial real estate

Rittenhouse Realty Advisors announced the sale of 248 Market Street in the Old City neighborhood of Philadelphia.  The property, which consists of six residential apartments and two ground floor commercial units, traded for over $450,000 per unit.

The property sold to an overseas investment group with local ties.  Ken Wellar, Managing Partner at RRA, noted that this a growing trend, stating: “We are seeing more and more international buyers get aggressive in buying core assets in Center City.”

Chris Egan, a Senior Associate at RRA, added: “Recently we have seen a surge in interest in the Old City sub-market, which makes sense given its accessibility and proximity to the CBD.  Old City also has great mixed-use building stock.”

The commercial units were leased to Color Inc., a retail/souvenir shop and Car-Tel Communications, Philadelphia’s Largest AT&T Retailer.  Larry Steinberg, who previously arranged the lease with Car-Tel, noted: “The stable retail leases on the ground floor helped to add value in this transaction.”