802 Sansom Street, Philadelphia, PA
PHILADELPHIA, PA—In a deal brokered by Rittenhouse Realty Advisors, Jenkintown, PA-based Galman Group, a private investor with interests in more than 30 properties worth more than $930 milllion, has sold Jewelers' Row Apartments, 802 Sansom Street (122-124 South 8th Street) in Philadelphia, PA.
The mixed-use property contains 12 apartments and 4 street-level commercial/retail spaces. The five-story building was originally constructed in 1900 and renovated in 2017, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
The residential units were recently updated and feature hardwood flooring, designer kitchens with stainless steel appliances and custom cabinets, and stackable washers and dryers. Large windows within the units provide plenty of sunlight and great views of the surrounding neighborhood and Jeweler's Row.
802 Sansom Street is situated in Washington Square West, with easy access to Interstates 95, 76 and 676 as well as Broad Street and Columbus Boulevard. With a great variety of nearby popular restaurants, shops and entertainment, the property is also convenient to SEPTA's Regional Rail and the PATCO High Speed Line to New Jersey.
The property attracted considerable attention from investors but was ultimately purchased by an international buyer who was not identified.
“We continue to see foreign capital buying core deals in Center City, Philadelphia,” says Ken Wellar, managing partner at RRA. “802 Sansom's desirability comes from its great location on Jeweler's Row, close to major employers Jefferson Hospital and Pennsylvania Hospital.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
