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PAST
& EXISTING DEVELOPMENT PROJECTS
Southbridge Townhomes
– 27th & Bainbridge, Philadelphia, PA – Southbridge
consists of a 16 unit townhouse development that has recently been completed.
The sales of the final two units are scheduled to close within several
months. The land was initially acquired through the efforts of Anthony Sembello working in conjunction with our
brokerage division. Anthony quickly assembled a joint venture team consisting
of a private equity investor, a local builder and himself to set the project
in motion. The project was executed at a cost of approximately $4,000,000
with completed units fetching sale prices of $450,000 - $500,000 per unit.
Pintzuk
222 Market Street – Old City,
Philadelphia, PA – This historic, four story building located in the heart of
historic old city has now been completely redeveloped on its upper floors.
Our company acted as a third party developer for Premier Real Estate
Partners, LP in the total renovation of 3 loft style residential units. The
project cost in excess of $200,000 with Pintzuk Brown Realty Group administering
the construction management and leasing function for the units. Pintzuk Brown
Realty Group continues to handle the management of this property.
716 Chestnut Street
– Philadelphia, PA
– This vacant four story building totaling approximately 7,800 square feet is
located on one of Philadelphia’s
most exciting blocks. The property was placed under contract in November 2002
for $350,000, in addition to two nearby properties, with the intention of
re-tenanting the retail portion and redeveloping the upper floors into
apartment units. The retail leasing efforts of Pintzuk Brown Realty Group led
to an introduction of the property to a New York based real estate investor who
wished to acquire the property. In March, 2003 the decision was made to
assign the contract at closing to this investor. The other two properties,
720 & 722 Chestnut Street
are slated for redevelopment and will include both retail tenancy
on the ground floor and apartment units on the upper floors.
George C.
Clopp Building – 908-914 Cherry Street, Philadelphia,
PA – A five story, 50,000
square foot industrial building located in the Chinatown district of center
city, Philadelphia.
The property was initially placed under contract for $1,200,000. The seller
was a Philadelphia
based institutional investor. The development program consisted of plans for
an apartment conversion which would yield 47 units and 24 car parking. During
the due diligence process, the City of Philadelphia
expressed its interest in the preservation of the buildings’ industrial use
to service the active textile industry located in Chinatown.
The development team shifted focus toward an industrial use with substantial
City tax and financing incentives in hand and began renegotiation discussions
with existing tenants. It was apparent that long term leases were attainable
from several existing tenants and several new tenants would have to be
located. The brokerage team took the property to market and introduced the
property to an investment group that was interested in acquiring the
property. This investment group eventually purchased the agreement of sale
creating a profit for the development team in less than six months.
540 North 4th Street
– Philadelphia, Pennsylvania – A five unit apartment
building with 5 car parking located in the Northern Liberties section of
Center City Philadelphia was purchased in May of 2001 for $235,000. After
settlement the building was given a cosmetic update and several of the units
were partially renovated. As leases expired new tenants were obtained for
more market level rents. Within a five month period the asset was sold to a
local investment group for a gross profit.
Copyright @ 2004 Pintzuk Brown Realty Group, Inc. All
rights reserved
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