Shift Capital And Essence Development Acquire 5-Acre Development Site In Philadelphia For $11.8M

The property involved in this transaction is a 5-acre development site located at 2932 North Broad Street & 2935 North 16th Street in Philadelphia. The site has been sold by HFZ Capital Group to buyers Shift Capital, represented by Brian Murray and Alex Robles, and Essence Development, represented by Jamar Adams, for a total sale price of $11,800,000.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $11,800,000
• Acres: 5
• Buyers: Shift Capital - Brian Murray & Alex Robles; Essence Development - Jamar Adams
• Seller: HFZ Capital Group
• Market: Philadelphia

Shift Capital, led by Brian Murray and Alex Robles, along with Jamar Adams from Essence Development, have jointly acquired the 5-acre site near Amtrak's North Philadelphia station. The buyers have plans to develop a mixed-use project encompassing a total of 2 million square feet. The development will include residential, commercial, retail, and community spaces. The buyers intend to engage with the community over the coming months to ensure an inclusive project that capitalizes on the site's proximity to public transportation.