105 S. 12th Street, Philadelphia, PA
SSH acquired the underperforming commercial condo unit and 5 residential condo units within the White Building in an off-market transaction. The residential units were leased and ultimately sold over the course of the hold period to take advantage of the improving market for residential condominiums in center city. The retail space leased at below market rents to several non-credit, small tenants with leases expiring in the near term. Based on SSH’s involvement with the re-development of the Commonwealth apartments and the transformative East Market mixed-use development across the street, we recognized an opportunity to secure better credit, long-term leases at the White Building. We executed multiple leases over several years, including a new Shake Shack restaurant on the corner. We then sold the building capitalizing on the new leases and development momentum occurring in the neighborhood.