Matthews™ Closes Sale of PA Strip Center for $5.1M

Property Includes Multi-State Cannabis Operator as a Tenant

 

PHILADELPHIA—Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the $5,190,000 sale of Rise Strip at 3903 Aramingo Ave, Philadelphia, PA. Associate Alexander Machado, Senior Associate Daniel Gonzalez, Senior Associate Robert Goldberg, and Executive VP & National Director Ben Snyder handled the transaction.

 

Built in 2015, Rise Strip is positioned on a two-acre lot with 10,640 gross leasable area. The property is currently occupied by two tenants, Rise Dispensary and Fine Wine & Good Spirits. The seller added significant value to the building by securing a 15-year lease with Rise Dispensary, which included 2% annual rental increases. Matthews™ represented the seller, the Provco Group, and secured multiple offers through an extensive marketing campaign.

 

“We were able to transact with the first buyer selected in a challenging transitionary market,” said Machado. “This deal was an all-cash transaction, enabling us to circumvent financing challenges associated with a property having a multi-state cannabis operator as a tenant.”

 

The retail center is located next to the I-95 and surrounded by some of the nation’s largest retailers, including WaWa. This is also the first Pennsylvania property with a cannabis operator as a tenant to trade in 2023.

 

“The buyer was successful in their search for a multi-tenant retail asset and will benefit from the strong corporate leases tied to the property,” said Gonzalez.

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

 

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.