Local proprietors make up 75% of Philadelphia's Center City retail mix; vacancies are half of the national average.

"The assets serve as strong additions to our growing portfolio," says David Elkouby, president, American Equity Partners.

The building is presently divided into three units that are leased to two tenants, and a portion of the site is also leased to Omnipoint for the location of a cell tower.

"Demand for small, Class A warehouse spaces near New York City far exceeds the supply," says Sitex's Blake Chroman.

EnTrust says it locked-in a long-term lease at a 27% reduction in rent on a per square foot basis and negotiated a gross free rent abatement period.

"Most of the value-add product still has a demonstrable gap to the newer product, allowing for these opportunities to invest in improvements,” says CBRE's Ted Abramson.

"Industrial product like this in and around the Exit 10 submarket is in high demand,” says HFF's Jon Mikula.

Rubenstein Partners and Amerimar Enterprises are delivering a two-floor amenity space that connects the updated grand atrium with a new fitness center.