PHILADELPHIA, PA., November 24, 2020 – Scope Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm has announced the sale of Box Factory Lofts, 20 units with an adjacent development component in the Fishtown neighborhood of Philadelphia. The property sold for $7,150,000.
Philip Sharrow had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based entity, and also represented the buyer.
“Fishtown continues to see a surge of growth through its community of top restauranteurs, national brands, and diverse professional and creative community,” says Sharrow. “With its overall vision in mind, the neighborhood is just getting started. SCOPE has a number of additional opportunities and ways to participate in this growth submarket.”
Box Factory Lofts is located at 21 and 31 E Columbia Avenue, one block west of Frankford Avenue. The investment included a 32,160-square-foot adaptive reuse building with a 60,000+ square-foot by-right adjacent ground-up development component. Originally converted to apartments in 2009, the building was fully renovated to include 20 large loft-style one- and two-bedroom units.
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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.