X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.