PLYMOUTH MEETING, PA-Cutler Group, an affiliate of Blue Bell, PA-based David Cutler Group has paid $3.5 million, or about $97 per usable sf, for the 35,000-sf industrial building at Five Apollo Road here. Cutler, which lays claim to being the largest privately held residential builder in the Delaware Valley, plans to renovate the building and turn it into its headquarters facility.

The seller is Apollo Partners LP. Neil L. Shupak and Shelley Wolf Harris of Wayne, PA-based Smith Mack & Co./Oncor International represented both Apollo and Cutler in the transaction.

Cutler has developed nearly 60 neighborhoods of townhouses, single family and estate homes throughout Bucks, Chester, Delaware and Montgomery Counties. Among them is a 165-acre development in Chester County that encompasses 279 homes in Chase at Malvern Hunt, Reserve at Malvern Hunt, and Ridings of Malvern Hunt.

Other developments are Reserve at Knapp Farm in Bucks County, Providence Lea in Montgomery County, and Reserve at Horsham. Homes typically have four or five bedrooms and carry price tags beginning in the $400,000 range. The firm reports having abundant land reserves throughout the area available for future development.

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