PHILADELPHIA, PENNSYLVANIA, April 14, 2021 – Colliers is pleased to announce the sale of 500-502 South Street, a 7,200 square foot three-story commercial building fronting both South Street and Fifth Street.
This prominent corner site has had a longstanding family ownership and reputation as a home to top tenants of the South Street community. T-Mobile, the Gap and Grendel’s Lair in the 1970’s have all once called the location home.
The transaction was facilitated by Michael Barmash, a Senior Managing Director of Colliers, representing the Seller. The Buyer, a New York entity, proactively sought a South Street location, attracted to the storied retail, restaurant, residential and business corridor and its unique confluence to the dense and demographically rich neighborhoods of Society Hill, Bella Vista, Queen Village and Washington Square. Plans are to redevelop the building with a mixed use consisting of new apartments and retail.
Director of Marketing, Greater Philadelphia Region
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