Rittenhouse Realty Advisors, a Member of GREA, Sells 24 Luxury Units in Old City Philadelphia With Master Lease to Hotel Group, Sonder, For $9,950,000
PHILADELPHIA, Sept. 30, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of The Edison, twenty-four luxury units in the historic Old City neighborhood of Philadelphia. The property, located at 312 N. 2nd Street, has a master lease with Sonder, an international hospitality group that specializes in offering design-focused hotel stays in destinations across the globe.
The property was newly constructed in 2021 with high-end finishes, oversized windows, and well-appointed common areas. It is located within walking distance to major tourist attractions including the Liberty Bell, the Betsy Ross House, and Independence Hall, along with boutique shopping, restaurants and cafes. It is also convenient to public transportation and major highways.
This property was sold with six and half years left on the master lease. “We were able to secure an all-cash buyer using a 1031 exchange to acquire The Edison,” stated Ken Wellar, managing partner at RRA/GREA. “This is the second building we have sold recently that was fully leased by Sonder.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com and www.GREA.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout 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, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85d8c387-bc44-4616-8363-1d3ddb5a41fd
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