Colliers Brokers Sale of 2 PA Retail Assets
- May 25, 2018
Alfred and Nancy Cappelli have sold two retail properties in Pennsylvania for $6.8 million. Colliers facilitated both transactions. A private investor purchased one of the assets—a three-story historic building in Philadelphia—for $3.3 million. In the second deal, the Cappelli’s acquired a Pittsburgh-area gas station/convenience center through a 1031 exchange.
Located at 1026 Arch St., the first property is in the Chinatown neighborhood of central Philadelphia. The site is in close proximity to Pennsylvania Convention Center, Philadelphia City Hall, numerous museums, shops and metro stations. The building encompasses 9,000 square feet and currently houses two tenants: Action Wellness on the ground floor and a private office lender on the second floor.
Situated at 5554 Steubenville Pike in McKees Rocks, Pa., the other asset is along Route 60, between interstates 376 and 79. Downtown Pittsburgh is within a 20-minute ride of the roughly three-acre parcel. Sheetz, a regional retailer of convenience stores/gas stations, has occupied the property for the last two decades and will remain on-site as a tenant under the new ownership.
In February, Colliers also arranged the sale of a 9,222-square-foot retail center in Indianapolis. At the time of the transaction, the property had 1,400 square feet of available leasing space.
Images courtesy of Colliers International