MALVERN, PA—Dallas, TX-based Trammell Crow Co. has sold approximately 150 acres of land at its Atwater Corporate Center here for $35.5 million.
Naples, FL-based Reiser Land Development acquired the land on the south side of the Atwater Corporate Center and has since sold 13 acres to Johnson Development of Spartanburg, SC for $12.5 million, according to the Philadelphia Business Journal. Johnson Development is looking to build a 300-unit apartment complex at the site. In addition, NV Homes has 122 acres under contract and has presented plans that call for a single-family and townhome project there.
Meanwhile the north side of the Atwater property that is still owned by Trammel Crow could see up to 555,000 square feet of new office construction, according to Jeff Goggins, senior managing director at Trammell Crow. The buildings could range in size from 50,000 square feet to 250,000 square feet.
“What is exciting for us is this mixed-use component is something we have been working on for the last four years and it made the office portion of the development even more attractive and valuable,” he says. See story in the Philadelphia Business Journal.
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