PHILADELPHIA, Aug. 20, 2021 /PRNewswire/ -- On behalf of Ownership, Agent PHL / Compass Commercial have formally announced the sale and settlement of 676-80 North Broad Street in Philadelphia, Pennsylvania. The 8200+ SF combined parcel included three properties spanning the NW corner of North Broad and Melon Streets atop the Septa Broad Street subway line in the booming North Broad District. The exclusive listing drew the attention of multiple regional developers in a highly competitive bidding process facilitated by listing agent Ryan McManus, Principal of Agent PHL / Compass Commercial.
Said McManus: "After vetting several worthy offers, Our Client (The Seller) exercised extreme patience before deciding ultimately to accept an offer from a qualified developer. Our industry-leading tools and technology as Philadelphia's premier hybrid listings firm enabled us to maximize the sales price for The Seller by detailing the best-and-highest use of The Property: a 67-unit apartment building with just under 3,000 SF of ground floor commercial space plus 12 underground parking spaces in an 11-storey, 57,000+ SF apartment tower anchoring the Center City and North Broad Districts."
"At $375 per square foot, this is one the highest land sales recorded in Philadelphia to-date in 2021 and we are overwhelmingly pleased with the results for Our Client. We delivered on our mission to drive maximum value in minimal time throughout the listing on The Seller's behalf," he said.
McManus later went on to describe the flurry of activity seen in Q3 in the Philadelphia marketplace, particularly in the Qualified Opportunity Zone(s) and neighborhoods surrounding the downtown core: "Broad and Melon commanded multiple offers and closed north of 92% of initial asking price; wise investors are placing capital in QOZ development sites and new construction multifamily buildings. Our listings expertise with these asset classes has us aligned to capitalize on surging buyer demand for our valued Clientele. With 1031 exchange guidelines possibly being adjusted and the 10 year tax abatement program being reduced, this is the most opportune time in Philadelphia's rich and storied history to purchase land and newly built apartment properties."
About Agent PHL / Compass Commercial
Agent PHL was founded in 2016 by Ryan McManus as a full-service hybrid real estate sales firm focused primarily on land development, multifamily investment and residential new construction listings. With 8 agents and staff, the firm has enough talent, tools and resources to compete with blue chip national real estate firms yet remains boutique and nimble enough to service the most distinct, exclusive listings. Agent PHL has the local expertise, reputation and connections to be considered the go-to sales team in Philadelphia. Backed now by the power of Compass Commercial and its national network of top-producing agents and technology, Agent PHL services an interoffice pipeline of referrals and out-of-region enquiries on behalf of brokers, investors and developers.
SOURCE Agent PHL