GREA Sells 24 Luury Units in Old City Philadelphia with Master Lease to Sonder Hotel Group

September 30, 2022

GREA announces the $9,950,000 sale of The Edison, twenty-four luxury units in the historic Old City neighborhood of Philadelphia. The property, located at 312 N. 2nd Street, has a master lease with Sonder, an international hospitality group that specializes in offering design-focused hotel stays in destinations across the globe.

The property was newly constructed in 2021 with high-end finishes, oversized windows, and well-appointed common areas. It is located within walking distance to major tourist attractions including the Liberty Bell, the Betsy Ross House, and Independence Hall, along with boutique shopping, restaurants and cafes. It is also convenient to public transportation and major highways.

This property was sold with six and half years left on the master lease. “We were able to secure an all-cash buyer using a 1031 exchange to acquire The Edison,” stated Ken Wellar, founding partner at GREA. “This is the second building we have sold recently that was fully leased by Sonder.”