Philadelphia, April 4, 2023 – Scope Commercial Real Estate Services, LLC (“SCOPE”) has announced the sale of The Yellowjacket, a corner mixed-use asset featuring 24 residential units over 5,010 square feet of ground floor commercial located in the Fishtown neighborhood of Philadelphia. The property sold for $9.36M, equating to $390,000 per unit. The property was traded pre-stabilization.
Phil Sharrow, managing director at SCOPE, and Fahd Malik, director, represented the buyer and seller. The seller, a local developer, was in the final stages of construction at the time of the sale. The buyer, a regional family office in a 1031 exchange, purchased the property in an all-cash transaction.
“This deal transpired through long-standing relationships our firm has with both parties,” says Sharrow. “We were able to structure a cash transaction to streamline the transfer as it can get tricky closing a property that’s still being built and yet to be stabilized.”
The Yellowjacket, designed in collaboration between the seller and Ambit Architecture, features true designer finishes and amenities that include a roof deck, an onsite fitness center, and parking. The residential program offers multiple one and two-bedroom floorplans varying in size up to 1,100 square feet. The 5,010-square-foot ground floor commercial space, with visibility along primary thoroughfares at the corner of Frankford Avenue and E Susquehanna Avenue, will add to the growing Frankford Avenue amenity-driven retail growth.
“Our exchange buyer pool has become increasingly valuable due to the volatile capital markets and this transaction is an example of that,” Malik states.
The Yellowjacket is strategically located at 2201 Frankford Avenue in the prime of the Frankford retail corridor just 0.4 miles northeast of the Berks SEPTA Station. Fishtown is a community of top restauranteurs, national brands, and a diverse professional and creative community with ease of access to SEPTA’s Market Frankford Line connecting to Center City’s market drivers.
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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.