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Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained on an exclusive basis to arrange the sale of 618 Market (the “Property”) located in the Market East Submarket of the Philadelphia Central Business District. 618 Market is a 294-stall parking garage with 15,878 SF of ground floor retail located adjacent to Independence Hall, one of Philadelphia’s most visited locations with over 3.3 million tourists annually in a 3-block radius. Located on the border of Old City and Washington Square, the area immediately surrounding 618 Market has long been regarded as one of the most desirable places to live in the entire city, with many residents preferring this location to anywhere in the city, including Rittenhouse Square. In addition to residential prestige, the garage is proximate to a major medical epicenter (Jefferson Hospital and Pennsylvania Hospital), Philadelphia’s greatest tourism draw (Independence Square), and one of Philadelphia’s largest office centers (The Market East submarket) – all high-volume vehicular destination points.
MAIN & MAIN LOCATION
- 618 Market boasts the quintessential “Main and Main” location and occupies an irreplaceable position in the Market East submarket. The Property is located a block from Independence Mall and is in the heart of Market East's business, medical, shopping and entertainment districts.
HIGH PARKING DEMAND WITH LIMITED SUPPLY
- Market East is one of Philadelphia’s most established and prestigious locations offering a high-volume concentration of luxury high rises.
- Parking garages, per Philadelphia zoning code, do not fall under any zoning category and a variance is needed to be obtained from the city of Philadelphia in order to lay the groundwork for any future development. The risk of any of proximate parking development is highly unlikely.
MAJOR INTERNATIONAL TOURISM STAPLE
- 618 Market is located at the doorstep of Independence Mall and is superbly situated to capture parking revenue generated by these timeless destination points, which will remain heavily-traveled national and international destinations moving forward.
RENT STABILITY AND FUTURE VALUE ADD POTENTIAL
- The Property boasts a strong and secure revenue stream which is reinforced by a stable base of monthly parkers largely derived from the high density of residential buildings in the surrounding neighborhoods and reinforced by strong area demographics and high-quality office uses (approximately 44% of parking revenues are generated by monthly parkers). While the Property will always be situated in a position to capture tenants of major residential and office assets in the area as monthly customers, the opportunity to boost revenue by increasing the proportion of transient parkers exists.