FOR SALE | PHILADELPHIA, PA Prime Redevelopment Opportunity in Booming East Callowhill Neighborhood 442-62 N. 8th Street OFFERING MEMORANDUM Confidentiality & Disclaimer Statement Contact Us: Colliers International (“Broker”), as exclusive marketing representative of 442-62 N. 8th Street, Philadelphia, PA (“Seller”) is solely authorized to present this property investment offering (the “Offering”). EXCLUSIVE REPRESENTATIVE: Prior to submitting an offer to purchase 442-62 N. 8th Street, Philadelphia, PA (the “Property”), interested parties should perform and rely upon their own investigations, MICHAEL BARMASH analyses, estimates and projections and otherwise satisfy any concerns regarding material Senior Managing Director/Principal aspects of the proposed transaction including, but not limited to, legal, municipal, direct +1 215 928 7519 environmental, operational, seismic, financial and physical issues, and all other matters mobile +1 267 235 5306 affecting or pertaining to the Property. The Seller will be offering the Property including all [email protected] appearances and improvements, solely on an “As Is, Where Is” basis, without any representations or warranties. No person, including the Broker, is authorized to make any representation or warranties on behalf of the Seller regarding the Property. Any and all information regarding the Property provided to any interested party by the Seller or Broker DEBT & EQUITY ADVISOR: including all information obtained in the Offering, is provided without any representation or assurance, expressed or implied, regarding the accuracy, completeness or current status of applicability of such information. Each interested party is expected to undertake such BOB BECKMAN reviews and investigations and make such inquiries as such party may believe to be Senior Finance Director necessary, appropriate or advisable for the purpose of forming a decision to make an offer direct +1 215 928 7508 to acquire the Property. mobile +1 215 850 3422 [email protected] The material contained herein is confidential and is presented strictly as information for the exclusive use of the prospective purchaser. Receipt and review of this Offering by the prospective purchaser constitutes an agreement not to divulge, share or distribute the information to any other party, except the prospective purchaser’s legal counsel and financial advisors, without the prior specific written authorization of the Seller or Broker. Each prospective purchaser shall also agree to and comply with the provisions of the confidentiality agreement executed by such prospective purchaser if requested by Broker. This Offering is submitted subject to errors, changes, omissions, changes in price, market and other conditions. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that prospective purchasers may desire. It should be noted that any and all market analyses, estimates and projections contained in this offering are provided for general reference purposes only and are based on assumptions related to the general economy, competition, real estate market trends, and other factors beyond the control of the Seller or Broker. Such analyses, COLLIERS INTERNATIONAL estimates and projections are therefore subject to material variation, and may not be Ten Penn Center consistent with the views or assumptions held by other professionals. 1801 Market Street, Suite 500 Philadelphia, PA 19103 Photocopying or other duplication of this offering is not authorized. +1 215 925 4600 www.colliers.com/philadelphia EAST CALLOWHILL DEVELOPMENT OPPORTUNITY | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2 Table of Contents Executive Summary Market Overview 14 Greater Philadelphia Area Overivew 4 The Offering 16 Philadelphia Fast Facts 5 Investment Highlights 18 Opportunity Zones 6 Area Overview 10 Zoning Summary 11 Site Images 12 Site Maps EAST CALLOWHILL DEVELOPMENT OPPORTUNITY | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 3 Colliers International is pleased to offer for sale 442-62 N. 8th Street, an incredible The Offering development opportunity. Located within the East Callowhill neighborhood of the City of Philadelphia, this offering presents investors or developers a valuable opportunity to establish a foothold in an increasingly desirable and rapidly transforming area. This asset is poised for redevelopment into a variety of uses including Residential Uses (single family townhomes, low rise apartments, condos), Charter School, Senior Housing/Independent Living, and more. Located within a Federal Opportunity Zone, the properties are designated by the federal government as areas eligible for preferential tax treatment on new investments. EAST CALLOWHILL PORTFOLIODEVELOPMENT | OPPORTUNITYOFFERING MEMORANDUM | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4 Investment Highlights Exceptional Access Logical Location Primed for Infill Access is extremely convenient for pedestrians, transit riders and cars alike. The site is within a defined area bordered on all sides by the City’s most well Walkable and bikeable connections join the area to neighboring communities and established or rapidly growing neighborhoods - Old City, Northern Liberties local bike share Indego hosts multiple stations nearby. Spring Garden Subway and Spring Arts - making it “the hole in the donut.” The Waterfront, with Stations (both Market Frankford Line & Broad Street Line) are less than a fifteen its placemaking attractions and amenities, is just to the East and the much minute walk from the site, and bus routes 47 and 61 run directly in front of the anticipated Rail Park’s completed Phase 1 is to the West, with the proposed property. Major roadways I-95 and I-676, the Benjamin Franklin Bridge to New Viaduct Phase just a block behind the site. Jersey, and cross city arterial routes (Callowhill, Spring Garden and Columbus) can all be hopped on in just seconds by car. Transformation Taking Hold in East Callowhill Desirable Zoning for Redevelopment The area is already seeing the effect of the rezoning change. Immediately to the North, the massive SONO mixed use redevelopment features both Target and Yards Brewery, A recent rezoning change took this area from an I-2 (Industrial) to CMX-3 with plans for a new building with 50 apartment units and 11,000 SF of retail space. (Community Commercial and Residential Mixed Use) designation and has Several large properties in the area have recently sold or are being actively marketed. opened up the possibility for residential, commercial, and office development. Offering Summary ADDRESS 442-62 N. 8th Street, Philadelphia, PA OWNER Ideal Tool & Equipment, Inc. ASSESSED $1,764,500 LAND AREA SF/AC 31,000 / 0.71 BUILDING 15,720 sf ZONING CMX-3 TAXES $24,516 (2019) EAST CALLOWHILL DEVELOPMENT OPPORTUNITY | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 Area Highlights Several Neighborhoods Influence the Site: Northern Liberties Fishtown Perpetually labeled as Philadelphia’s “up-and-coming” neighborhood Christened so due to its history as the epicenter of the city’s fishing for many years, the former manufacturing district of Northern Liberties industry, Fishtown has slowly but surely evolved into what is now has been transformed into a hearty, progressive, artist-heavy area, filled considered one of the most “millennial” places to live in the United with young millennials lured by affordable studio rents. This collection States. Bursting at the seams with vibrancy, the area has frequently of like-minded folk has given birth to a variety of bars, restaurants, and been cited as a premier example of neighborhood rebirth and boutiques, whose popularity has only been helped by the high walkability reinvigoration. The area has seen a steep escalation in rents over of the neighborhood and environment-friendly construction patterns. the past decade as it has drawn crowds with its thriving independent music scene, vast array of global foodstuffs, and easy access to the Bounded by Girard Avenue and Callowhill Street to the north and main arteries of Philadelphia’s transportation system. Nestled directly south, respectively, and the Delaware River and Sixth Street to the to the northeast of Northern Liberties, Fishtown’s yuppie scene is east and west, respectively, Northern Liberties has emerged as one of complemented by a strong demographic of empty-nesters, eager to Philadelphia’s top dining areas, and possesses a strong nightlife scene reside in the thick of modern culture. propped up by numerous craft beer establishments. EAST CALLOWHILL DEVELOPMENT OPPORTUNITY | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6 Old City Waterfront The charming Old City neighborhood is the heart of Philadelphia’s historic significance, and in some ways, the birthplace of American The Delaware River Waterfront, also known as Penn’s Landing, is politics and governance. The neighborhood is home to two of the just short walk from Old City and Historic Philadelphia Commercial most iconic landmarks in the United States – Independence Hall and development of the area is handled by the Delaware River Waterfront the Liberty Bell. Its historical importance is only emphasized by the Corporation, another nonprofit founded in 2009 to oversee the public presence of the National Constitution Center, a nonprofit, nonpartisan land along the Waterfront. institution devoted to explaining the founding documents of the United States. The area hosts a number of family-friendly attractions and