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PHILADELPHIA, PA --(Marketwired - January 15, 2016) - Rittenhouse Realty Advisors is pleased to announce the sale of 109-115 South 24th Street in the Rittenhouse Square neighborhood of Philadelphia. The property, a mixed-use commercial building, was particularly appealing due to it being on a street-to-street parcel in the most affluent neighborhood in the city.
The brick and concrete structure consists of 15 garage parking spaces on the ground floor along with one commercial tenant and two commercial tenants on the second floor. The second floor commercial tenants, a CrossFit studio and a Jiu-Jitsu studio, each occupy 2,800 square foot of space with dedicated entrances on South Bonsall Street. The property is in close proximity to University City and Schuylkill River Banks Trail and Boardwalk. It is zoned CMX-4 which positions it well for several development possibilities.
"This property's amazing location generated 10 offers in one week and allowed us to pick a buyer that closed in 14 days with no due diligence period," stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
The property was on the market for just 9 days and closed within 23 days of a signed agreement of sale. Chris Egan, an Associate at Rittenhouse, noted: "The offering was a rare opportunity to acquire a CMX-4 parcel in the 19103 zip code. The extraordinary interest in this property enabled us to find the right buyer and close quickly at above 95% of the asking price."
Vincent Tagliente, an Associate at Rittenhouse, added: "Through our unique marketing process and team approach to our brokerage, we were able to widely expose the property to the market and generate numerous offers for the seller in a relatively short amount of time."
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.
Corey Lonberger and Ken Wellar