PHILADELPHIA, Sept. 30, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is happy to announce the sale of The Edison, twenty-four luxurious models within the historic Old City neighborhood of Philadelphia. The property, positioned at 312 N. 2nd Street, has a grasp lease with Sonder, a global hospitality group that focuses on providing design-focused lodge stays in locations throughout the globe.
The property was newly constructed in 2021 with high-end finishes, outsized home windows, and well-appointed frequent areas. It is positioned inside strolling distance to main vacationer points of interest together with the Liberty Bell, the Betsy Ross House, and Independence Hall, together with boutique buying, eating places and cafes. It can also be handy to public transportation and main highways.
This property was offered with six and half years left on the grasp 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
