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The New York City metropolitan area remained the top market in the US with $28.7 billion in commercial/ multifamily construction starts, an increase of 10% after posting a 13% decline in 2017.
Gadsden Growth Properties Inc. acquired the mixed-use ground-up development that includes 158 residential apartment units and 53,900 square feet of retail space for a combination of cash and stock.
The team will engage in a value-add strategy focused on identifying under-managed and under-capitalized assets and will seek to create value by improving management, performing incremental leasing and increasing rents via strategic capital improvements.
“Rittenhouse Square is an ideal place for Spaces to open their second Philadelphia location,” says CBRE's Stephen Kriz. “Their unique coworking environment provides a strong collaborative workplace for the many entrepreneurs and corporate users in Center City.”
The buyer, a family office looking to increase its holdings in suburban infill markets, will convert the building into rental apartment and embark on a major value-add renovation.