Philadelphia, Sept 7, 2022 – Scope Commercial Real Estate Services, LLC (“SCOPE”) has announced today that it has closed the sale of 2019-53 E Boston Street, a 178-unit adaptive reuse development project located in the East Kensington neighborhood of Philadelphia. The property sold for $9,600,000.
SCOPE marketed the property on behalf of the seller, Viking Mill Associates LLC, and represented the buyer, an affiliate of Chatham Bay. Managing Director, Phil Sharrow and Senior Associate, Craig Thom led the transaction on behalf of SCOPE and the respective deal party.
“As far as development product goes, this sale comes off the heels of 250+ units recently traded in the submarket by our office with another 450+ units in the pipeline,” noted Sharrow. “This project serves as a testament to the long-term dedication to the growth of this submarket and Philadelphia as a whole.”
The buyer programmed and designed the project in conjunction with Designblendz, a Philadelphia-based architecture firm. The project includes retaining an existing five-story heavy timber and masonry structure and a new structure will rise semi-attached to the existing structure with matching building heights. The mixed-use project will be a Class A amenity building upon completion.
“The Viking Mill project will be a focal piece to the quickly developing Fishtown/Kensington neighborhood,” adds Thom. “This project will stand out due to its adaptive reuse component which will provide a unique option for renters.”
The developer closed with a construction loan and permitting in place enabling construction to commence in Q4 2022. The project will likely deliver in 2024.
# # #
ABOUT SCOPE
SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal making experience ensures maximum return on investment.