Green Courte Partners has listed the 668-space, 10-story Avenue of the Arts parking garage at 1501 Spruce Street onto the market, writes Paul Schwedelson for the Philadelphia Business Journal.
According to Bruer Kershner of CBRE, the parking garage could sell for more than $45 million.
“Parking demand is increasing in the city coming out of Covid,” Kershner said. “A bunch of parking spaces have been taken offline over the past 10 years for development. From a supply-demand perspective, we expect parking rates to continue to grow.”
The parking garage on the northwest corner of 15th and Spruce streets features roughly 17,000-square-feet of retail space on its ground floor. It’s currently occupied by the likes of Garage Rittenhouse bar, New York jazz bar Cellar Dog, and 15th Street Pizza and Cheesesteak, all of which opened within the past 12 months.
Green Courte Partners has owned the garage for 13 years, and is selling it to as a means to “recycle capital,” Kershner said.
He added that he anticipates that the new owner will keep the property as it is.
Located in a busy Center City intersection, the parking garage is surrounded by office buildings, a large residential population, retail, and many hospitality, nightlife, and entertainment spots.
Read more about the Avenue of the Arts parking garage that has hit the market in the Philadelphia Business Journal.
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