The site, shadowed by the Independence Place Towers I and IIcondominiums, is one of the most sought after parcels betweenWalnut and Spruce streets in Society Hill. Brad Nathanson, adirector in Marcus & Millichap's national retail group, andAndrew Janick of its multi housing group, who are located in thePhiladelphia office, represented both the buyer and the seller.

"The property was attractive to investors given the below marketrent and the fact that the parcel will likely be put to better usein the future," Nathanson says. He tells GlobeSt.com that marketrents are now in the low to mid-$20s per sf, which is 70% above thecurrent tenant's rate. "The development potential," he adds, "lieswith the R-13 zoning, which allows for an additional 38,000 sf tobe built on the site.

"We attracted close to 10 offers, with a majority coming fromout of town buyers in New York, Connecticut and New Jersey,"Nathanson says. Douglas "realized the development potential of thelot in the future and understood the intrinsic value of the realestate."