The Flynn Company Announces Sale of 1357-61 Ridge Ave –Former Laborers’ District Council Pension Fund Property
Philadelphia – August 2016 – Michael Gallagher and Brendan Flynn of The Flynn Company recently represented the Seller, the Laborers’ District Council Construction Industry Pension Fund, in the sale of 1357-61 Ridge Avenue and 662-70 N Park Avenue in Center City Philadelphia. The Property was comprised of a 3-story, 4,107 SF office building and was situated on 11,173 SF of land (0.25 acres). The building was vacant at the time of sale; the Laborers’ moved to their new headquarters location at 665 N Broad Street in 2015. TierView Capital, LLC purchased the property for $1,250,000 and plans for the site were not disclosed.
The North Broad Street corridor continues to experience a significant amount of development and has undergone a dramatic resurgence in recent years. Riding the momentum spurred by the redevelopment of the Divine Lorraine and the proposed RAL project at 1300 Fairmount Avenue, The Flynn Company was able to highlight the development potential of the site and generated significant interest from local and national buyers. Ultimately, eight (8) purchase offers were received and The Flynn Company worked with the Seller to leverage the interest and negotiate a competitive sale price.
The Flynn Company is a full service commercial real estate firm with brokers spanning Pennsylvania, New Jersey, Delaware and Maryland. We are engaged in all phases of real estate brokerage, management and development. This broad range of capabilities allows us to best represent our clients in all of their real estate needs (www.flynnco.com).