A Brooklyn real estate company has picked up a three-building portfolio in the Parkside area of West Philadelphia for $15.37 million.
Leser Group bought the properties from Rockland Capital, a Philadelphia real estate company that assembled and developed the buildings that have a mix of retail and office space.
The portfolio totals 97,200 square feet. The sale breaks down to about $158 per square foot.
The sale included:
- 4952-64 Parkside Ave., an 11,898-square-foot building developed in 2019 that is fully occupied by Santander Bank and DaVita Inc.; 5050 Parkside Ave., which is a 29,576-square-foot building occupied by Oak Street Health and Goodwill Industries; and
- Parkside Lofts, a five-story, 36,720-square-foot office building at 4946 Parkside Ave. that is fully occupied with 12 tenants.
Listed for sale but didn’t sell was 4942-44 Parkside Ave., a vacant 18,982-square-foot building. That remains on the market.
Rockland assembled and developed these properties over several years and decided it was time to sell, said Derrick Dougherty.
What made the transaction unique at this particular time is it was the first deal Dougherty and his team closed on during the last three months that involved a lender, he said. In contrast, the previous five deals they have recently completed were all-cash transactions. Dougherty took that as a good sign.
“The world is starting to normalize and lenders are starting to have more appetite for retail and office properties,” he said.
American Heritage Federal Credit Union was the lender in this transaction and the financial institution has had a long-standing relationship with the buyer, Dougherty said. In addition, the properties in the portfolio have performed well during the pandemic with tenants paying rent and was unscathed by recent protests, all of which helped the deal get done.
Many of the retailers were deemed essential and remained open during the coronavirus. The office space is occupied by home care, government and local professional tenants.
The portfolio came on the market during the latter half of last year and was put under agreement in December.
*Article courtesy of Philadelphia Business Journal
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