PHILADELPHIA, PA—NAI Mertz has brokered the sale of a 61,000-square-foot multi-purpose office building located at 2801 Grant Avenue in Philadelphia, Pennsylvania, to Iron Stone Strategic Capital Partners.
The NAI Mertz team of vice presidents, Zena Charokopos and Rick Gordon, negotiated the transaction on behalf of the seller, Tom Rosenefeld of Pennsylvania 2801 Grant, LLC. Iron Stone was self-represented by its in-house brokerage team.
Situated on seven acres, 2801 Grant Avenue is a 61,000-square-foot multi-purpose office/flex building just off Roosevelt Boulevard near Interstate 95. The building features approximately 26,000 square feet of office space and 35,000 square feet of warehouse space with eight tailgates. Iron Stone's proposed plan is to convert the entire building into office space.
The Center for Autism currently occupies 12,500 square feet of office space within 2801 Grant Avenue, and plans to expand by another 20,000 square feet. Currently, CFA is the sole tenant in the building.
“CFA's long-term lease and desire to expand made the property an attractive opportunity for investors,” says Charokopos. “We are pleased to have sold 2801 Grant Avenue to a reputable real estate investment group that will guide The Center for Autism in growing its Northeast Philadelphia location.”
Iron Stone Strategic Capital Partners is a group of investment companies with a niche focus on opportunistic real estate and related assets in the Mid-Atlantic United States. Iron Stone and its affiliates have developed or redeveloped approximately two million square feet of commercial space in the Philadelphia region.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
