HORSHAM, PA—Bruce Toll's BET Investments has spent $150 million in its latest round of acquisitions that included a local shopping center as well as student housing project in Tampa, FL and an apartment complex in Northern Virginia.
Its local purchase was the purchase of the Abington Shopping Center at Olk York Road and London Road in Abington, PA for approximately $16.3 million. The 75,000-square-foot shopping center currently has a 36,000-square-foot vacancy as a result of a Giant supermarket closure two years ago, according to the Philadelphia Business Journal.
“We're going to make a substantial investment into the property,” says Michael Markman, president of BET. Projected upgrades include a new sign and facade. It will also fill most of the Giant vacancy with a national apparel retailer.
BET also added West Chester Commons, a 459-bed student housing property at 230 E. Rosedale Ave in West Chester, PA for roughly $35 million and renamed it the Edge at West Chester. The company bought it from the Walters Group of Barnegat, NJ. See story in the Philadelphia Business Journal.
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