SSH Real Estate

The White Building


Location

105 S. 12th Street, Philadelphia, PA, Southeast Corner of 12th and Chestnut Streets

Size

20,000 SF of retail and residential

Purchase Date

April 2014

Purchase Price

$5.55 Million

ACQUISITION

SSH acquired the commercial portion of The White Building Condominium, along with 5 residential units in an off-market transaction from Goldman Properties. The ground floor has 8,000 square feet of fully occupied retail space, and there is a 4,500 square foot fitness center tenant on the mezzanine level. The 5 loft-style residential units offer 16 foot high ceilings, large windows, exposed brick and high-end finishes throughout.

EXECUTION

Our plan is to immediately lease the residential units while maintaining the opportunity to sell them over a three (3) year period as the condo market continues to improve.

RESULTS

We are involved in the East Market development across the street and had tremendous success on the other corner with the 1201 Chestnut Street development. The immediate neighborhood is in the process of undergoing a dramatic transformation which should further enhance the value of this asset.

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