PHILADELPHIA–Marcus & Millichap closed the sale of Le Crillon Philadelphia, a 16-unit Beaux Arts-style apartment building with seven retail spaces in Center City Philadelphia. All the units are currently leased or pre-leased as apartments. The sales price of $14,810,000 equates to $925,625 per unit and $355 per square foot.

“This is a phenomenal location, one block from Rittenhouse Square park,” Christopher Munley of Marcus & Millichap’s Philadelphia office tells GlobeSt.com. “There were multiple bids and the buyer made a generous offer, paying almost $1 million over asking price.”

Ken Wellar and Corey Lonberger, also associates in the Philadelphia office, joined with Munley to represent the seller, described as “a well-known, local, third-generation owner.” The buyer, a Manhattan-based urban retail property investor, was procured by Munley, Wellar, Lonberger and M&M’s vice-president for investments in Philadelphia, Dean Zang.

The 110-year old Beaux Arts building was rehabbed last year, creating the apartments that were originally marketed as condominiums, Munley says. “The buyer was originally focused on the retail portion of the property and made a generous offer,” he adds. “As the negotiations progressed, the condominiums became a factor and the investor decided to acquire the whole building and keep the apartments as rentals.”

The building at 105 South 18^th Street, intersecting with Chestnut Street, has a long-term ground lease; the buyer purchased long-term leasehold, at a cap rate of about 4.18 %, according to Munley.

Built in 1902, Le Crillon includes 12 flats and four bi-level penthouses. The two-, three- and four-bedroom condominium-style units have an average monthly rent of approximately $3,900 per month, with penthouses offered at more than $6,000 a month. Residents pay for all utilities.

The property’s seven commercial, ground-floor units are occupied by Di Bruno Brothers, Flower Expressions, 18th Street Apothecary, Scoop DeVille and Premium Steap and Clear - which is currently leased at the highest rent per-square-foot of any retail space on Chestnut Street.

“This is an up-and-coming area popular with Philadelphia’s young professionals,” says Wellar, “and is becoming highly popular for both living and shopping.”