PHILADELPHIA-Michael Barmash of Colliers International recently concluded sales of two smaller warehouse buildings in the city that are slated for conversion. One is situated in Center City across from the ongoing Oxford Mills conversion project and the other is on the fringes of downtown.
In each case, the buildings are planned for future use as retail space, and one will include apartment units.
The 21,000-square-foot, one-story warehouse at 1601-23 N. Front St. was sold for $600,000. It is situated at the nexus of three hot neighborhoods, says Barmash - Fishtown, South Kensington & Northern Liberties – and close to the Frankford Avenue Arts Corridor.
That buyer plans to renovate the space for creative retail and live entertainment, envisioning a micro-brewery restaurant, creative office, workshop, fitness center or gallery as tenants, according to Barmash.
Developer D3 is currently at work on Oxford Mills, a 160,000-square-foot mixed-use development, directly across the street.
Barmash also represented the buyer of 19 N. 3rd St., a 5,100-square-foot five-story building that went for $625,000. That building was purchased for retail and multi-family development. It is located a few doors away from a planned apartment development with a ground-floor CVS at 3rd & Market St.
Newmark Grubb Knight Frank represented the seller in that transaction.
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