Friday, October 10, 2014

Trammell Crow sells 150 acres in Malvern for $35M

by Natalie Kostelni Staff writer for Philadelphia Business Journal
Trammell Crow Co. has sold 150 acres of its Atwater Corporate Center in Malvern, Pa., for $35.5 million, according to public property records.

Reiser Land Development of Naples, Fla., bought the land and has already unloaded 13 acres for $12.5 million to Johnson Development of Spartanburg, S.C., records show. The developer has plans to construct a 300-unit apartment complex called Haven at Atwater.

The transactions are part of a bigger plan Trammell Crow set in motion back in 2011 when it went to East Whiteland officials seeking an overlay that permitted mixed-use development on the Atwater property. It veered from the original Atwater project, which was focused just on office development. The mixed-use overlay allowed multifamily, single-family and retail construction.

The 150 acres that Reiser Land Development bought are on the southside of the tract located off Route 29. Reiser is in the business of selling approved parcels to developers.

In addition to selling the acreage to Johnson Development, NV Homes has 122 acres under contract and has presented plans before the township that it intends to construct single-family homes as well as townhouses. About 15 acres fronting Route 29 and the Pennsylvania Turnpike interchange has been set aside for retail development and no word yet on who might pick up that property.
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