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DRESHER, PA-Huntington Valley, PA-based BET Investments acquires the former Selas Corp. of America building, a 147,620-sf manufacturing facility on 18 acres here at Limekiln Pike and Dreshertown Rd. Having successfully had the parcel rezoned, BET plans to demolish the existing structure and build an age-restricted housing development on the land.

BET currently has Dresher Commons, a 10-acre, mixed-use retail and office development, awaiting approvals. Plans call for 20,000 sf of inline restaurants, two restaurant pads available for lease, and 20,000 sf of office space. Dresher Commons, located at Susquehanna Rd. and Limekiln Rd., is near the Selas parcel.

Bruce E. Toll, one of the principals of Toll Brothers, which is also based in Huntington Valley and among the nation’s largest luxury residential builders, heads BET. He and Michael Markman founded BET in 1998. Since then it has amassed more than 3 million sf of office, retail and industrial properties. The Selas acquisition represents the company’s first foray into residential development, a Toll Brothers’ specialty.

John H. Greenwald, a principal of Conshohocken, PA-based Beacon Commercial Real Estate, negotiated the sale of the Selas site. “BET’s plan for the property is an excellent use for an older manufacturing site that had minimal value in its current use,” Greenwald says. “Their vision for the property will revitalize the site and be a `win win’ for everybody,” he adds. He declined to disclose the purchase price. Calls to Toll and Markman were not returned by deadline.

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