Newmark Knight Frank (NKF) announces the opportunity to purchase two sites comprising nearly three quarters of a city block (roughly 2.6 acres)in the gateway to Center City Philadelphia.The sites represent a once-in-a-generation, mixed-use opportunity–in both size and zoning–to impact the fabric of Philadelphia and the city skyline.
The two parcels include the Race site,which runs along the entire frontage of Race Street, between 15th and Broad Streets, and the Vine site, located at the corner of Vine Street and Broad Street. The 1.60-acre Race site has a potential FAR with bonus of 1,100,000 square feet. The 1.00-acre Vine site has a potential FAR with bonus of 717,000 square feet. Both sites are zoned CMX-5, Philadelphia’s highest zoning designation. With the potential for building visibility and sight lines in every direction with prominent advertising exposure, the sites allow for a true mix of uses including healthcare, corporate or creative office, multifamily and retail.
The NKF team marketing the opportunity is led by Executive Managing Director Jeff Tertel and Managing Director Dave Garonzik, along with Senior Managing Directors Michael Margolis and Dave Dolan. Executive Managing Directors Stephen Comly and Jim Badolato are providing debt and structured financing services and Director of Management Services Gregory Bond is providing property management services for the sellers, Broad Street Healthcare Properties entities.
“We are thrilled to be able to offer Broad Street our full bench of client services to provide strategic and comprehensive long-term solutions in Philadelphia–from property and project management to asset sales. I’m proud that our team has been able to hit the ground running and immediately and seamlessly start achieving results for Broad Street,” said NKF’s Tertel of the assignment.“The Vine and Race sites offer an unmatched opportunity for investors looking to make an impact in Philadelphia, as the potential acquisition of three quarters of a city block of contiguous space has not existed in Philadelphia in decades.”
The transit-oriented sites are located on Broad Street, the main north/south
arterial through the heart of Philadelphia. Thesites benefit from immediate access to Interstate 676 which enables short driving distances to both Interstates 95 and 76, connecting the majority of the eastern seaboard and the western Philadelphia suburbs. Suburban Square, a major public transportation hub, is located a short 5-minute walk away from the sites.The Philadelphia International Airport and Philadelphia’s Amtrak Station–the third busiest station in the U.S.–are both within a 10-minute drive of the site.According to NKF Research, the combined sites are the second largest development site in the Center City submarket.
“The West Market Street CBD submarket is drawing the attention of developers; located on Broad Street at the access to Interstate 676, the area surrounding the Vine and Race sites is an attractive option for redevelopment as the CBD expands to the north and Temple University expands to the south,” concluded NKF’s Garonzik.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
