(For more retail coverage, click GlobeSt.com/RETAIL.)
PHILADELPHIA-The Adams and Tabor neighborhood strip center at 700 Adams Ave. in Northeast Philadelphia has been sold to a New York City private investor for just shy of $3.5 million, or about $137.76 per sf. It is currently 86% leased.
Kurt Rumley of Conshohocken-based Metro Commercial Real Estate Inc., represented the seller, identified as Adams/Tabor LLC. He tells GlobeSt.com the property is 30 years old. "It's a highly visible location in a burgeoning residential market and offers a convenient location to shop and eat."
Current tenants include Wachovia Bank, the Pennsylvania State Liquor Control Board and several in-line ethnic restaurants. Rumley says the asking rent rate is about $15 per sf, and 3,628 sf is currently vacant.
The sale price is significantly above the median for multi-tenant retail sales for the Philadelphia MSA, according to a first-quarter retail report from the local office of Marcus & Millichap. That report puts the median price per sf at $122, primarily as a result of a 20% increase in the price of strip centers to $120 per sf, compared with first quarter 2005.
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