Philadelphia, November 16, 2022 – Scope Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm has announced the sale of Liberties Gateway, a mixed-use asset located in the Northern Liberties neighborhood of Philadelphia, PA. The property sold for $6,900,000.
SCOPE marketed the property on behalf of the seller, an affiliate of Penn Herb Co., and sourced the 1031-exchange buyer, a local partnership. Phil Sharrow, Craig Thom, and Saam Tashayyod led the transaction on behalf of SCOPE and the respective deal party.
“Liberties Gateway presented a luxury offering on a prominent corner immersed by institutional development within one of the best rental submarkets in Philadelphia,” said Thom.
“We are grateful to the respective deal parties on having navigated a rising interest rate environment and a partial sale-leaseback for the Penn Herb Company,” adds Tashayyod. “Our 1031-buyer had a tight timeline to meet, and we were able to execute on a deal that made both sides happy with the outcome of this trophy asset sale.”
The fourteen residential apartments are a mix of six one-bedroom, one-bathroom units, four one-bedroom, two-bathroom units that feature a den, and four two-bedroom, two-bathroom units. The units vary in size from 800 to 1,278 square feet. Residents of Liberties Gateway have private balconies and twenty-two on-site garage parking spaces. The 5,824-square-foot ground floor commercial space is leased to the Penn Herb Company, a family business of over 100 years of operation, that provides herbal remedies and vitamins. The flagship store in Northern Liberties was voted ‘best vitamin store’ by Metro Philadelphia in 2021.
Located at the corner of 2nd Street and Spring Garden in the flourishing Northern Liberties neighborhood, the residents benefit from a walkable neighborhood with entertainment, dining, and shopping just north of Old City and south of Fishtown. A half-block southeast is the Market-Frankford Line which connects the property to Center City and University City within minutes. Spring Garden Street provides arterial access throughout the city as well as connection to I-95 and I-676.
# # #
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.