(For more retail coverage, click GlobeSt.com/RETAIL.)
UPPER MERION TWP., PA-Dallas-based Cypress Equities acquired a27-acre site at 181 S. Gulph Rd. and the Schuylkill Expressway nearKing of Prussia from locally based AMC Delancey Group. KennethBalin, AMC Delancey's president and CEO, tells GlobeSt.com theprice was $17.5 million, or about $648,148 an acre.
Cypress plans to develop a Home Depot and one or more additionalretail tenant spaces. The site contains the 400,000-sf now-vacantPhiladelphia Gear Co. plant, which will be demolished. StevenKushner, managing principal of Cypress' New York City office, tellsGlobeSt.com the Home Depot will be approximately 115,000 sf with a28,000-sf garden center. The zoning also allows for a pet store andauto dealership, he says, but no deals for such units are now inplace.
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