45 N. 3rd Street
Location: Old City, Philadelphia
Size: 42,000 sf
Project Type: Warehouse conversion to office space
Ownership Structure: Joint ownership with venture partner
Total Projected Investment: $4 million
Status: Leasing
45 N. 3rd is a 42,000 sf historic building located in the Old City section of Philadelphia. Iron Stone purchased the property in 2004 with a venture partner. At the time, the building was occupied by a shoe retailer who had been operating on the site for over 50 years. Iron Stone negotiated an arrangement whereby the seller could continue to occupy the space for a time in return for a reduced sale price. The building is now vacant, allowing Iron Stone to complete necessary upgrades and aesthetic improvements.
The property benefits from an outstanding location in the heart of the thriving Old City district, where boutique shops, restaurants, bars, and condominiums have blossomed in the last decade. The foot traffic and "destination" status of the neighborhood make it very attractive for retailers, and we have obtained a retail tenant to occupy the ground floor at $15/sf NNN. The remainder of the building is currently being marketed by a commercial brokerage as office space.
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