GI Partners Acquires Mixed-Use Property In Philadelphia For $79M
3701 MARKET STREET, Market Street, Philadelphia, PA, USA
$79,000,000
$560/SF
Building Size
140,913 SF
Asset Type
Mixed-use
Closing
Jun 24, 2020
AI
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
Philadelphia Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93