NGKF Capital Markets has successfully completed the sale of SOKO Lofts development site at 1300-1354 North Second Street. The NGKF Capital Markets team comprising Brett Segal, Mike Margolis and Dave Dolan from the Philadelphia, Pennsylvania office, along with market expert Jeff Mack, represented Canus Corporation, who sold the development site to The Klein Company. The property is located in the South Kensington neighborhood of Philadelphia, which is steps from The Piazza in Northern Liberties. The entire city block has been environmentally remediated and is bounded by 2nd Street to the east, American Street to the west and Master and Thompson Streets to the north and south, respectively.
“The Klein Company benefits from the ability to immediately commence construction, taking advantage of the surging popularity of the location and its Northern Liberties and Fishtown neighbors,” commented Segal.
SOKO Lofts is a 2.8-acre “shovel ready”, fully-approved development site located in one of the fastest-growing, liveliest neighborhoods in Philadelphia. The site is only a five minute walk to the Market-Frankford “El” stop and according to walkscore.com, a website that ranks the walkability and access to transportation and amenities of cities and neighborhoods, SOKO Lofts has a 96 Walk Score rating. The project will feature 320 apartment units and is scheduled to begin construction in late 2016.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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