Colliers Transacts Two 69th Street Commercial District Building Sales

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July 9th, 2020 [Upper Darby Township, PA] – Colliers is pleased to announce the completion of two sales totaling 106,578 sf within Upper Darby’s 69th Street commercial district that have recently closed in purchases by a single entity, a private investor based in New York.

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Located just five miles from downtown Philadelphia in Upper Darby Township, a major inner ring western suburb of the city, the properties sit at the apex of the historic 69th Street shopping district and are also directly across from the Septa 69th Street Transportation Center. The busy transit hub offers bus, subway trolley and regional rail connectivity throughout the region.  Regional highways I-476 and I-95 can be easily accessed from the area.

The Colliers brokerage team of Michael Barmash, Despina Belsemes and Eric Grad represented the respective sellers in the transactions: 

6800-6816 West Chester Pike is a 60,728 sf multi-tenanted building known as the Upper Darby Wellness Center. The distinctive 1920’s art deco limestone features a two-story atrium lobby with a surrounding balcony corridor. It was sold on behalf of A&E Real Estate Partners. 6908-6910 West Chester Pike is a 45,850 sf multi-tenanted building. It was sold on behalf of the Moriah Group. 

Future redevelopment plans for the sites will include ground floor retail with residential conversion to upper levels. 

The buyer was secured immediately prior to the onset of the COVID-19 pandemic with the brokerage team diligently navigating a rapidly fluctuating environment. Despite city furloughs stemming from COVID, the team was able to get the property inspected and readied for sale in short order.

“With a long history of leasing at the properties we are happy to continue a role in their evolution, successfully stewarding to new ownership.” noted Despina Belsemes, of the Colliers brokerage team. “Using the Colliers platform, we were able to capitalize on information and desires expressed from both sides of the transaction. The strong communication between leasing and investment sales teams at Colliers connected the dots for this deal to originate.” shared Colliers investment sale expert Eric Grad.

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

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Michael Barmash

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Michael joined Colliers in 1973.  He has been involved in the leasing and sale of industrial, office and retail real estate in the tri-state area, particularly in the Philadelphia CBD.

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Despina Belsemes

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Eric Grad

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