Just Closed: Greyhound Parking Lot at 10th & Arch Sells for $8.4M
PHILADELPHIA, January 10, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1018 Arch Street, a 12,396-square-foot paved lot utilized by Greyhound, and 44 North 10th Street, a 1,485-square-foot retail lot rented by Discover Travel in Philadelphia, Pa. The combined sales price for both assets totaled $8,400,000.
Clarke Talone and Andrew Townsend, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, private partners that had owned the properties for several decades. The buyer, a local private investor, was secured and represented in-house by another team of collaborative agents including, Phil Sharrow, Jonathan Massaro, and Fahd Malik, all senior associates, in the Philadelphia office.
“This investment opportunity entails two NNN retail leases, providing passive income,” states Talone. “The assets were exposed locally and nationally to a substantial market of multifamily, hospitality, retail, and office investors and developers. The desirable CMX-5 zoning of the site allows for a multitude of development opportunities.”
“This lot is rare and irreplaceable ground in this urban-infill neighborhood,” said Sharrow. “Our clients are very excited to begin predevelopment in the next year or so. The project scope of the redevelopment is yet to be determined.”
The assets are located at 1018 Arch Street and 44 North 10th Street in Philadelphia, Pa. The property is only a half block from the Pennsylvania Convention Center, and walking distance to Market East redevelopment, the Market-Frankford subway, Jefferson Station, Jefferson Hospital, City Hall, Reading Terminal Market, Chinatown and much more.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com