brewerytown development site - Rittenhouse Realty Advisors

Transcription

BREWERYTOWN DEVELOPMENT SITE
70,000± sf land | 200,000± sf building
1500-1536 North 31st Street
3123-3145 W. Jefferson Street
Philadelphia, Pennsylvania
Offering Memorandum
The following disclaimer applies to the attached Offering Memorandum (“Memorandum”) and you
are, therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use
of the Offering Memorandum or other information supplied in connection with the Property.
The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only
take place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all
conditions and contingencies contained in the Agreement of Sale have been satisfied prior to settlement.
Neither Rittenhouse Realty Advisors (“RRA”) nor any other third parties have been authorized to
give any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA does not make any representation as to the completeness or accuracy of the information contained
in the Memorandum or the value or performance of the Property either past, present or future. The information contained in the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates expressly disclaim any and all liability for any and all representations, either
express or implied, arising from any statements, warranties, representations or information provided in the
Memorandum or from the omission of any such representations, statements, warranties or information from
the Memorandum. It is the sole responsibility of any recipient of the Memorandum to verify the information
contained therein and to conduct the proper due diligence concerning the Property.
Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and
evaluations of the Property deemed necessary by them.
RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest
concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any
time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a written Agreement of Sale has been fully executed, delivered and approved by Seller and
Seller’s counsel; and all contingencies and/or conditions to Seller’s obligation to settle have been satisfied.
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA
215.454.2852 | [email protected]
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Table of Contents
Executive Summary
4
The Offering
5
Site Map / Aerial
6
Historical Perspective
7
Property Summary
10
Survey
11
Property Photographs
12
Location Overview & Maps
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1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
3
Executive Summary
Investment Highlights

Historic F. A. Poth Brewing Company / Red Bell Brewing Company Development Site Situated in the
Opportunistic Brewerytown Section of Philadelphia

Three Contiguous Parcels With Over 70,000 Square Feet of Land and 200,000± Square Foot (to be verified)
Building Zoned RMX-2

Join the Revitalization that has Brought Successful Restaurants, Bars, and Coffee Shops to a Neighborhood
Once Home to Over 20 Breweries and Their Workers

Close Proximity to Brewerytown Square, The Philadelphia Zoo, Fairmount Park, Schuylkill River Trail,
Philadelphia Art Museum, CBD, and Easy Access to Interstate-76 and Interstate-676
Investment Overview
Rittenhouse Realty Advisors (“RRA”) extends to qualified investors the opportunity to acquire a portion of the
former Red Bell Brewery Company complex, originally occupied by F. A. Poth Brewing Company located in
the historic Brewerytown section of Philadelphia. This offering consists of three contiguous parcels, totaling
approximately 71,700 square feet of land bordered by 31st Street to the East, Jefferson Street to the South, and
Glennwood Avenue to the Northwest. The building that sits on the site, approximately 200,000± square feet
(to be verified), was at one time one of the largest brewery facilities in Philadelphia. The main building was
designed by Otto Wolf, a prominent architect of the late 19th Century, who designed many of the breweries in
the area with strong German nuances.
Brewerytown, which sits between the Schuylkill
River to the West, 25th Street to the East, Cecil
B Moore to the North and Parish Street to the
South has been the focus of investment and revitalization for the past decade. Girard Avenue, the
neighborhood’s commercial corridor has experienced a flood of new retail tenants as well as
interest from new young residents looking to live
in “Philadelphia’s next hot neighborhood”. Two
examples of Brewerytown’s recent growth can
be found directly to the south of this property:
Brewerytown Square, a Westrum Development
built in 2004, and Bottom Dollar Food which is
located at the corner of 31st and Girard.
4
The Offering
Brewerytown Development Site
1500-1536 North 31st Street
3123-3145 W. Jefferson Street
Philadelphia, Pennsylvania
Offering Price
Price per Square Foot
Lot Size
Building Size
$2,250,000
$11.25
70,000± SF
200,000± SF
5
Site / Location Map
Not drawn to scale. For reference purposes only.
6
Historical Perspective
In 1871, Frederick A. Poth, a German immigrant and brewer known around Philadelphia for his local beer gardens
and personally crafted lagers, bought a large plot of land at 31st and Jefferson Streets. It was here, in the heart of
what is known today as Philadelphia’s “Brewerytown” neighborhood, where Poth would construct one of the city’s
largest and most famous breweries, F.A. Poth & Company Brewery. The massive undertaking was designed by Otto
Wolf, a nationally recognized brewery architect from Philadelphia. Up until the enactment of Prohibition in 1920,
F.A. Poth & Company Brewery was extremely successful, employing hundreds and producing some of Philadelphia’s most celebrated beers. In fact, it was one of only a few breweries in Philadelphia that was able to survive
Prohibition and reopen following the law’s repeal in 1933. However, the original plant at 31st & Jefferson Streets
was only used for a remaining three years. During 1936-1941, Poth operated in the former Class and Nachod Brewery Co. building at 1801 North 10th Street (currently known as the Temple University student housing dormitory,
“Kardon/ Atlantic”).
James R. Bell, an investment banker and founder of Red Bell Brewing Company (est. 1993), bought the former F.A.
Poth Brewery at 31st & Jefferson, renovated the remaining buildings, and opened Red Bell Brewery in 1995. Despite owning a popular flagship brewpub in Philadelphia’s former First Union Sports Center, with plans for additional sites in Manayunk and State College, Red Bell Brewing struggled, reportedly accumulating losses of $11.5
million from 1993 to 2002. According to a SEC filing, the state ordered the closing of Red Bell Brewery in 2002
due to the company owing roughly $80,000 in back taxes. James R. Bell, the company’s Founder, resigned as CEO
shortly after. The former Red Bell Brewery property at 31st & Jefferson Streets has remained vacant since the company’s closing.
Philadelphia’s Brewerytown neighborhood has seen a lot of investment in the last few years, resulting in a boom in
construction and an increase in Fairmount property listings. Recent real estate developments are raising property
values and drawing a younger population of professionals who enjoy the fresh construction and proximity to the
heart of the City. Major single-family developers have led the way, making Red Bell Brewery a phenomenal opportunity for multifamily developers to rehab one of the most well-known sites of a rapidly growing neighborhood.
T
The F.A. Poth and Company Brewery
at 31st and Jefferson Streets,
designed by Otto Wolf.
Red Bell Brewing Company
at 31st and Jefferson Streets
(Est. 1993)
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Historical Property Photographs
F. A. Poth Brewing Company, 1870 (Brew House, Storage Rooms, Office and Plant )
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Historical Property Photographs
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Property Summary
Address / Parcel
1500-1536 North 31st Street; Philadelphia, Pennsylvania 19121
3123-3145 W. Jefferson Street; Philadelphia, Pennsylvania 19121
County
Philadelphia
Municipality/Township
City of Philadelphia
School District
School District of Philadelphia
Zoning
RMX-2
APN
884101300; 884219205
Legal Block/Lot
12N15 / 109, 111 and 112
Lot Size
70,000± Square Feet
Year Built / Renovated
1870’s
No. of Buildings
1 (Four Different Connected Buildings); Approx. 200,000± SF
Property Construction
Foundation
Mortar
Exterior
Brick
Roof
Flat
10
Survey
11
Current Site Photographs
12
13
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Location Overview - Brewerytown
Brewerytown is a neighbor hood in the Nor th Philadelphia
district of the city of Philadelphia, Pennsylvania. An unofficial
region, Brewerytown runs approximately between the Schuylkill River's eastern bank and 25th Street, bounded by Cecil B.
Moore Avenue to the north and Parrish Street to the south.
Brewerytown got its name because of the numerous breweries
that were located along the Schuylkill during the late 19th century and early 20th century. It is now primarily a residential
neighborhood, with an active commercial sector along Girard
Avenue. In 1991, the Brewerytown Historic District was certified by the National Register of Historic Places. Today, the
District contains 380 buildings.
Philadelphia’s Brewerytown neighborhood of northern Fairmount has seen a lot of investment in the last few years, resulting in a boom in construction and an increase in Fairmount
property listings. Brewerytown Square was the first part of a
master plan in the neighborhood. That 144-unit project was
constructed and sold between 2006 and 2010. During the recession, the development company sold some of his land for the
construction of new Bottom Dollar store owned by the Salisbury, North Carolina based Food Lion parent. In May 2014, it
was reported that the developer of Brewerytown Square would
begin construction on a $10 million apartment community
called 31 Brewerytown on an acre at North 31st Street at West
Thompson Street. The site is bordered by Fairmount Park and
will two, four-story buildings and a total of 64 units. The apartments will range from 662 square feet to 1,225 square feet and
monthly rents will start at $1,200.
The recent real estate developments are raising property values
and drawing a younger population of professionals who enjoy
the fresh construction and proximity to the heart of the City.
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Location Overview
DEMOGRAPHIC PROFILE
1 Mile
3 Miles
5 Miles
2014 Population
40,880
449,009
1,080,215
2019 Population
43,451
470,699
1,119,475
Population Growth 2014-2019
6.29%
4.83%
3.63%
Average Age
36.5
35.5
35.7
2014 Total Households
16,975
191,310
428,607
Household Growth (2014-2019)
6.11%
4.92%
3.74%
$25,603
$31,578
$32,895
2.4
2.2
2.4
$109,367
$128,751
$129,200
1947
1948
1947
Median Household Income
Average Household Size
Median Home Value
Median Year Built
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Location Overview

Location
Philadelphia is located in the Northeastern United States at the confluence of the Delaware and Schuylkill rivers, and it is the only consolidated city-county in Pennsylvania. Within the Delaware Valley,
the Pennsylvania metropolitan division consists of five counties in
Pennsylvania and has a population of 4,008,994. The city is the seat
of its own county. The adjacent counties are Montgomery to the
north; Bucks to the northeast; Burlington County, New Jersey, to the
east; Camden County, New Jersey, to the southeast; Gloucester
County, New Jersey, to the south; and Delaware County to the west.

Demographics
Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of
the United States, and the fifth-most-populous city in the United States. As of the 2010 Census, the city had a
population of 1,526,006, growing to 1,553,165 in 2013 by Census estimates. Philadelphia median household income is $37,016 in 2008-2012 and has grown by 20.39% since 2000. Philadelphia median house value is
$142,300 in 2008-2012 and has grown by 138.36% since 2000. The house value growth rate is much higher than
the state average rate of 70.00% and is much higher than the national average rate of 51.67%. As a reference, the
national Consumer Price Index (CPI) inflation rate for the same period is 26.63%

Economic Center
As the center of economic activity in Pennsylvania, the Philadelphia area had a total
gross metropolitan product of $347 billion in 2010, the seventh-largest metropolitan
economy in the United States (Bureau of Economic Analysis). With a gross domestic
product of $388 billion, Philadelphia ranks ninth among world cities and fourth in the
nation. The city is also the nation's fourth-largest consumer media market, as ranked
by the Nielsen Media Research. The city is home to the Philadelphia Stock Exchange
and several Fortune 500 companies, including cable television and internet provider
Comcast, insurance companies Colonial Penn, CIGNA and Lincoln Financial Group,
energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and GlaxoSmithKline, Boeing Rotorcraft Systems, and
automotive parts retailer Pep Boys. Philadelphia's economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information
technology and service-based economy. Financial activities account for the largest
sector of the metro economy, and it is one of the largest health education and research
centers in the United States.
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Location Overview

Education
Education in Philadelphia is provided by many private and public institutions. The School District of Philadelphia
runs the city's public schools. The Philadelphia School District is the eighth largest school district in the United
States with 163,064 students in 347 public and charter schools. Philadelphia has the second-largest student concentration on the East Coast, with over 120,000 college and university students enrolled within the city and nearly
300,000 in the metropolitan area. There are over 80 colleges, universities, trade, and specialty schools in the Philadelphia region. The city contains three major research universities: the University of Pennsylvania, Drexel University, and Temple University; and the city is home to five schools of medicine: Drexel University College of
Medicine, Philadelphia College of Osteopathic Medicine, Temple University School of Medicine, Thomas Jefferson University, and the University of Pennsylvania. Other institutions of higher learning within the city's borders
include: Saint Joseph's University, La Salle University, Peirce College, University of the Sciences in Philadelphia, The University of the Arts, Pennsylvania Academy of Fine Arts, Curtis Institute of Music, Thomas Jefferson
University, Moore College of Art and Design, The Art Institute of Philadelphia, Philadelphia University, Holy
Family University and Community College of Philadelphia. The Philadelphia suburbs are home to a number of
other colleges and universities, including Villanova University, Bryn Mawr College, Haverford College, Swarthmore College, Ursinus College, Cabrini College, and Eastern University.

Cultural Center
Philadelphia is the cultural center of the Delaware Valley,
home to over 6 million people and the country's sixth-largest
metropolitan area. Philadelphia is home to many national historical sites that relate to the founding of the United States.
Independence National Historical Park is the center of these
historical landmarks. Independence Hall, where the Declaration of Independence was signed, and the Liberty Bell are the
city's most famous attractions attracting over 2 million visitors
(2010). Other historic sites include homes for Edgar Allan
Poe, Betsy Ross, and Thaddeus Kosciuszko, early government
buildings like the First and Second Banks of the United States,
Fort Mifflin, and the Gloria Dei (Old Swedes') Church. Philadelphia's major science museums include the Franklin Institute, which contains the Benjamin Franklin National Memorial; the Academy of Natural Sciences; the Mütter Museum; and
the University of Pennsylvania Museum of Archaeology and
Anthropology. History museums include the National Constitution Center, the Atwater Kent Museum of Philadelphia History, the National Museum of American Jewish History, the African American Museum in Philadelphia, the Historical Society of Pennsylvania, the Grand Lodge of
Free and Accepted Masons in the state of Pennsylvania and The Masonic Library and Museum of Pennsylvania
and Eastern State Penitentiary. Philadelphia is home to the United States' first zoo and hospital, as well as Fairmount Park, one of America's oldest and largest urban parks.
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Location Overview

Neighborhoods
Philadelphia's neighborhoods are divided into large sections—North,
Northeast, Northwest, West, South and Southwest Philadelphia—all of
which surround Center City. Each of these large areas contains numerous
neighborhoods, some of whose boundaries derive from the boroughs,
townships, and other communities that made up Philadelphia County before their absorption into the city. For much of Philadelphia's history, the
typical home has been the row house. A variety of row houses are found
throughout the city, from Victorian-style homes in North Philadelphia to
twin row houses in West Philadelphia. While newer homes are scattered
throughout the city, much of the housing is from the early 20th century or older. The great age of the homes has
created numerous problems, including blight and vacant lots in many parts of the city, while other neighborhoods
such as Society Hill, which has the largest concentration of 18th-century architecture in the United States, have
been rehabilitated and gentrified.

Transportation
Philadelphia is served by the Southeastern Pennsylvania Transportation Authority (SEPTA), which operates buses, trains, rapid transit, trolleys, and trackless trolleys throughout Philadelphia, the four Pennsylvania suburban
counties of Bucks, Chester, Delaware, and Montgomery, in addition to service to Mercer County, New Jersey and
New Castle County, Delaware. SEPTA's Airport Regional Rail Line Regional Rail offers direct service to the
Philadelphia International Airport. Philadelphia's 30th Street Station is a major railroad station on Amtrak's
Northeast Corridor, which offers access to Amtrak, SEPTA, and New Jersey Transit lines. The PATCO Speedline
provides rapid transit service to Camden, Collingswood, Westmont, Haddonfield, Woodcrest (Cherry Hill), Ashland (Voorhees), and Lindenwold, New Jersey, from stations on Locust Street between 16th and 15th, 13th and
12th, and 10th and 9th Streets, and on Market Street at 8th Street.

Roadways
Interstate 95 runs through the city along the Delaware River as a main north-south artery known as the Delaware
Expressway. The city is also served by the Schuylkill Expressway, a portion of Interstate 76 that runs along the
Schuylkill River. It meets the Pennsylvania Turnpike at King of Prussia, Pennsylvania, providing access to Harrisburg, Pennsylvania and points west. Interstate 676, the Vine Street Expressway, has a link between I-95 and I76, it runs below street level through Center City, connecting to the Ben Franklin Bridge at its eastern end. Roosevelt Boulevard and the Roosevelt Expressway (U.S. 1) connect Northeast Philadelphia with Center City.
Woodhaven Road (Route 63), built in 1966, and Cottman Avenue (Route 73) serve the neighborhoods of Northeast Philadelphia, running between Interstate 95 and the Roosevelt Boulevard (U.S. 1). The Fort Washington Expressway (Route 309) extends north from the city's northern border, serving Montgomery County and Bucks
County. U.S. 30, extending east-west from West Philadelphia to Lancaster, is known as Lancaster Avenue
throughout most of the city and through the adjacent Main Line suburbs. Interstate 476, commonly nicknamed the
"Blue Route" through Delaware County, bypasses the city to the west, serving the city's western suburbs, as well
as providing a link to Allentown and points north. Similarly, Interstate 276, the Pennsylvania Turnpike's Delaware River Extension, acts as a bypass and commuter route to the north of the city as well as a link to the New
Jersey Turnpike to New York.
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21
Kenneth Wellar
Tel: 215.454.2879
[email protected]
Corey Lonberger
Tel: 215.454.2878
[email protected]
Mark Duszak
Tel: 215.454.2884
[email protected]
Luke DeLuca
Tel: 716.510.3715
[email protected]
Chris Egan
Tel: 215.454.2913
[email protected]
Doug Emrich
Tel: 215.454.2889
[email protected]
David Greenhalgh
Tel: 215.454.2887
[email protected]
Robert Marzullo
Tel: 215.454.2921
[email protected]
Steve Miceli
Tel: 215.454.2916
[email protected]
Shaun Pudles
Tel.: 215.989.4440
[email protected]
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Philadelphia, PA 19103
Tel: 215.454.2852
Vincent Tagliente
Tel: 215.454.2920
[email protected]
New York Office
200 West 57th Street
Suite 702
New York, NY 10019
Tel: 212.765.7900
Delaware Office
102 Larch Circle
Suite 102
Newport, DE 19804
Tel: 302.994.3907
www.RittenhouseRealty.com | [email protected]

brewerytown development site - Rittenhouse Realty Advisors

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