Philadelphia, PA — Scope Commercial Real Estate Services, LLC (SCOPE), a middle-market multifamily investment sales firm has announced the sale of 2101-15 North American St., a development project and warehouse located in Philadelphia. The two properties sold for $3.137 million.
Craig Thom, senior associate with SCOPE, procured the buyer, a local developer.
“The revitalization of North American Street is happening at an exciting rate,” adds Thom. “This opportunity zone transaction is a perfect example of how tax benefits are continuing to fuel fringe development in Philadelphia neighborhoods.”
Both properties are located within a qualified opportunity zone within the Norris Square neighborhood of Philadelphia. 2101-09 N American St. previously had plans in place for a five-story office building with underground parking, located at the corner of North American and Diamond Sts. The cleared lot is zoned ICMX, allowing for a variety of potential uses.
2111-15 N American St. will continue to operate as a warehouse.
“The first quarter of 2021 has given us a great outlook as to what is to come after a turbulent 2020,” said Philip Sharrow, managing director of SCOPE. “SCOPE has four other properties under contract as well as additional opportunities coming to market for investors to participate in this growth submarket.”