MEDIA, PA-BET Investments has acquired the Granite Run Mall here for $24 million. The real estate investment group owned by Toll Brothers co-founder Bruce E. Toll plans a major mixed-use project at the site.
"We are very excited about the deal and its possibilities," says Michael Markman, president of BET Investment, which is based in Horsham.
New York City based Rockwood Realty Advisors conducted the foreclosure sale, according to The Inquirer. The mall is currently 85% occupied. Its major tenants include: Acme Markets, AMC Theaters, Boscov's, Kohl's JCPenney and Sears.
BET has purchased a number of apartment and retail properties in the Philadelphia suburbs. Last week, the firm paid $4.68 million for the former Waterloo Gardens nursery in Exton. See story in The Inquirer.
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