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GI Partners Acquires Mixed-Use Property In Philadelphia For $79M

Property Image
SOLD
$79,000,000
Steven Doherty
Robert J. Fahey, Jr.
Nick Harris
+ 4

Pennsylvania

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Mixed-use140,913 SF
Sold 06/24/2020
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Property Image
SOLD

GI Partners Acquires Mixed-Use Property In Philadelphia For $79M

3701 MARKET STREET, Market Street, Philadelphia, PA, USA

See Similar Deals
Mixed-use140,913 SF
Sold 06/24/2020
Steven Doherty
Robert J. Fahey, Jr.
Nick Harris
+ 4
the dealplayerscompscontact
Contact now

Summary

PENNSYLVANIA
Asset Type:Mixed-use
Price Per Square Foot:$560
Total Square Footage:140,913 SF
Transaction Type:Sale

The mixed-use property located at 3701 Market St in Philadelphia, PA has been sold for a total price of $79,000,000. The property spans over 140,913 square feet, resulting in a price per square foot of $561. The transaction took place on June 24, 2021, with the buyer being GI Partners and the seller being University City Science Center.

Summary of transation details

  • Property Type: Mixed-use
  • Transaction Amount: $79,000,000
  • Address: 3701 Market St, Philadelphia, PA
  • Market: Philadelphia, PA
  • Buyer: GI Partners
  • Seller: University City Science Center

The sale of the property was facilitated by the brokers Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan, and Jack Corcoran of CBRE. Mortgage brokers involved in the deal were Steven Doherty and Nick Harris.

Players

Bruer Kershner
CBRE
Bruer Kershner
8 deals$492.7M volume(610) 420-2829
BROKER
Steven Doherty
CBRE
Steven Doherty
2 deals$176M volume
BROKER
Nick Harris
CBRE
Nick Harris
1 deal$79M volume
BROKER
Robert J. Fahey, Jr.
CBRE
Robert J. Fahey, Jr.
1 deal$79M volume
BROKER
Jerome "Jerry" Kranzel
CBRE
Jerome Kranzel
7 deals$440.6M volume
BROKER
Erin Hannan
CBRE
Erin Hannan
2 deals$209.5M volume
BROKER
Jack Corcoran
CBRE
Jack Corcoran
2 deals$209.5M volume
BROKER
GI Partners
GI Partners
BUYER

Details

SOLD
IMAGE: Robert Fahey, Bruer Kershner, Nick Harris, Erin Hannan, Steven Doherty, Jack Corcoran & Jerry Kranzel DATE: 06/24/2021 ADDRESS: 3701 Market St MARKET: Philadelphia, PA ASSET TYPE: Mixed-use BUYER: GI Partners SELLER: University City Science Center BROKERS: Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan & Jack Corcoran - CBRE MORTGAGE BROKERS: Steven Doherty & Nick Harris SALE PRICE: $79,000,000 SF: 140,913 ~ PPSF: $561

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,213,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$280,670.32
Cash-on-Cash Return-1.27%
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