The 10,000-square-foot retail property located at 33-37 S. 16th St., directly across from Liberty Place, has been sold for $6.5 million by longtime owner Carlos Cortinasof Cortinas Investment Group Inc., to a partnership involving MM Partners, Bluevista Properties and Stolar Capital, according to the Philadelphia Business Journal.
Properties like these aren't regularly available. “The timing was right for Cortinas to sell and the market was right to sell,” said Josh Nadel of MPN Real Estate, who represented both sides of the transaction.
The property was put up for sale for $6.5 million and within three weeks of hitting the market, two offers at the asking price were made, Nadel said.
The building had a lot going for it beyond its prime location, according to Nadel. Among its features are that it has 50 feet of frontage along 16th Street and great visibility. It’s considered a “gateway” property to the retail district of 16th and Chestnut streets and it’s zoned CMX-5, which allows for the potential for future development.