8th & Chestnut Street 2025 IA

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained on an exclusive basis to arrange the sale of 8th & Chestnut Street (the “Property”), a premier parking and retail asset in the Market East Submarket of Philadelphia’s Central Business District.

The Property consists of a parking garage with approximately 270 spaces and 6,965 square feet of ground-floor retail. SP Plus Corporation operates the garage under a lease, generating $675,000 in annual rent, while the retail component, with 10 tenants, produces roughly $216,000 per year. Combined, the annual revenue is approximately $891,000. Both the parking and retail rents are significantly under market and present a clear opportunity to unlock ample additional value by increasing upon lease expirations.

Ideally positioned adjacent to Independence Hall, a major driver of tourism that attracts over 3.3 million annual visitors within a three-block radius, the Property benefits from consistent parking and retail demand. Its location at the intersection of Old City and Washington Square neighborhoods offers access to major medical centers, unparalleled tourist destinations, and Philadelphia’s thriving office and retail districts. The neighboring properties are home to desirable retail including [solidcore] fitness studio and the renowned Japanese restaurant, Morimoto.

Situated on a 19,606-square-foot lot with favorable CMX-5 zoning, the Property presents prime redevelopment opportunities in a market with parking scarcity and strict barriers to entry. CMX-5 is the most permissible zoning designation in Philadelphia, offering the ability to add another 136,000 SF before bonuses. There is optionality to overbuild or demolish the existing structure and go vertical. The area boasts strong demographics, high population density, and substantial household incomes, underscoring the strength and future potential of this unique asset.