|Call for Offers||2022-04-07|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer The Collins Retail, a 100% leased, 88,959 square foot retail condo located on the 1100 block of Chestnut Street in the heart of Midtown Village, Center City Philadelphia’s most dynamic live-work-play neighborhood. Bounded by Thomas Jefferson University Medical Center’s 13-acre urban campus to the east, 13th Street’s restaurant row (the epicenter of Philadelphia’s dining & nightlife scene) to the west, a $1.2 Billion mixed-use development known as East Market to the north, and the affluent & eclectic residential neighborhood of Washington Square West to the South.
The Property’s unique large format retail scale, coupled with its essential tenant base where 90% of the Property’s gross income is derived from credit or national tenancy including Target, PA Wine & Spirits, Planet Fitness, & PetSmart, offers investors a secure long-term income stream with minimal CapEx & maintenance.
- Excellent Credit Profile with Stable, Predictable Revenue Stream and Essential, Necessity Based Merchandising Mix Serving Captive Urban Audience
- Premier Urban Location With Significant Institutional Development
- The Collins is situated directly between National Real Estate Developments $1.2 Billion East Market mixed-use development, which includes Thomas Jefferson’s 19-story, 450,000 square foot Specialty Care Pavilion, The Girard (240 multifamily units), The Ludlow (322 multifamily units), Hilton Canopy Hotel (236 keys) and 1100 Ludlow (183,000 square foot office development), and Greystar’s 399-unit, mixed use development at 12th and Sansom.
- Rapidly Developing Live-Work-Play Location
- Market East has more than $2.5 Billion dollars of development recently completed/underway, including PREIT’s adjacent $400+ million redevelopment of the Gallery Mall into the Fashion District and National Real Estate Development’s $1 billion mixed-use development, East Market.
- Irreplaceable Positioning And Access To Public Transportation
- The Collins benefits from it’s prime urban location, where daily errands do not require a car. Transportation is made easy for shoppers via the subway at SEPTA’s 11th Street Station (Market Frankford Line) and Jefferson Station (Regional Rail Lines). PATCO’s 12-13th and Locust Station is also a four minute walk from the Property. Multiple SEPTA bus routes also run along Chestnut Street.