Sunday, November 30, 2014

Edens Investment Trust CEO: Shopping malls not dead yet (Video)

Dranoff Properties Pays $3.7M for Broad Street Office

Dranoff Properties acquired the 69-year-old office building at 311 S. Broad St. in Philadelphia, PA from Assorted Music Partnership for $3.7 million, or about $202 per square foot.

The office building delivered in 1945 and totals 18,300 square feet in Philadelphia County.

Tuesday, November 25, 2014

Danger ahead for commercial real estate? (Video)

Commercial real estate improvement continues (Video)

One & Olney Square Trades for $53M

by Natalie Kostelni, Staff Writer for the Philadelphia Business Journal

One & Olney Square, a grocery-anchored retail center in Philadelphia, has sold for $52.5 million.
Wharton Realty Group of Eatontown, N.J., bought the 339,425-square-foot property from Feil Organization, a New York firm that bought the center in 2002.

The center was put up for sale in June and got a lot of investor attention.
"We had tremendous interest from a broad spectrum of buyers including institutional investors, [real estate investment trusts] and private investors, Investors were drawn to the ShopRite's excellent sales history and the dense population in the trade area. In addition, the property boasts a variety of national, regional and credit retailers and tremendous upside potential."

The property sits on 25.74 acres at 5675 N. Front St. It is 84 percent full and ShopRite anchors the center.

Breslin Realty of New York constructed it in 1986 on what had been a factory operated by Kelsey-Hayes Co., a Michigan manufacturer of jet and helicopter engines. Around 1984, Kelsey-Hayes relocated from the plant at Front Street and Olney Avenue to a site on Roosevelt Boulevard.
When Breslin opened the center, Caldor was one of its main tenants as well as Crazy Eddie's – once popular retailers that have diminished in status or faded away.

Wharton owns Grant Plaza in Northeast Philadelphia as well as a Redners Market in Leesport, Pa.

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Woodmont Sells 34 Dauphin Drive in Central PA

by Steve Lubetkin Staff Writer for

Woodmont Industrial Partners has sold 34 Dauphin Drive to Exeter Property Group for $8 million. WIP acquired the 180,333 square-foot, rail-served distribution center in November 2012 and after completing extensive renovations, leased the facility to Allen Distribution, a third-party logistics provider.

WIP completed an intensive 6-month rehab, upgrading the building to modern standards, including the incorporation of an ESFR Sprinkler system and T-5 lighting, among other improvements. The building, which sits on 10.64 acres of land and can support the space requirements of single or multiple tenants, features 3,200 square feet of office space, 24-foot-high ceilings, 20 dock positions and 10 rear rail doors.

Situated approximately 12 miles south of Harrisburg, 34 Dauphin Drive is located in an established industrial park on Route 11 near I-76 and 81.

“We were able to highlight the prime location of this property in the heart of Central Pennsylvania and the success of our renovation program, which has helped to position this facility strongly among tenants looking for modern features,” says Eric Witmondt, principal of Woodmont Industrial Partners. “This sale will enable us to redeploy capital into future investment opportunities as we look to expand our footprint throughout New Jersey, Central Pennsylvania and the Lehigh Valley.”

Simply Fashion Inks Lease at Liberty Center I in Erie, Pa.

Discount women’s clothing retailer Simply Fashion has leased 5,800 square feet of space at Liberty Center I, re-joining the tenant mix at this key northwestern Pennsylvania shopping destination. Levin Management, exclusive leasing and managing agent for the 227,000-square-foot shopping center, announced the lease.

Simply Fashion’s varied collection of women’s apparel and accessories caters to shoppers who are both style and price conscious. Simply Fashion will be operating this location as a Dots store.

“We are excited to welcome Dots, which is under new management, back to Liberty Center I,” says Korris. “The store was extremely popular with local consumers, and upon re-opening will continue to provide a wide selection of trend-driven women’s apparel and accessories at an amazing price. Dots complements an impressive retail lineup at Liberty Center I and helps enhance the overall tenant mix at this neighborhood shopping destination.”

Situated near I-90 at the intersection of West 38th and Liberty Streets, just off of Peach Street, Liberty Center I is located in the residential heart of Erie, PA. Anchored by full-serve supermarket chain Tops Friendly Markets and Peebles department store, Liberty Center I’s lineup of national and regional tenants includes Harbor Freight Tools, Dollar Tree, Rent-A-Center, Payless ShoeSource, H&R Block, and GNC, among others.

Saturday, November 22, 2014

Philadelphia Retail Deliveries, Construction and Inventory

During the third quarter 2014, five retail buildings totaling 80,793 square feet were completed in the Philadelphia market. Over the past four quarters, a total of 842,776 square feet of retail space has been built in Philadelphia.

There were 389,251 square feet of retail space under construction at the end of the third quarter 2014.

Some of the notable 2014 deliveries include: 4300 Broadway, a 59,840-square-foot facility that delivered in third quarter 2014 and is now 100% occupied, and 332 S Broad St, a 45,000-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

Total retail inventory in the Philadelphia market area amounted to 500,055,236 square feet in 41,234 buildings and 2,554 centers as of the end of the third quarter 2014.

This trend is compared to U.S. National Retail deliveries and construction, which saw 542 buildings totaling 13.91 million square feet complete construction, with an additional 53.3 million square feet of retail space still under construction at the end of the third quarter. 837 Washington St, a 58,200-square-foot facility in the New York City market, delivered this quarter, as did the 148,000-square-foot Main St N. Brunswick Costco in the Northern New Jersey market. Total retail inventory in the U.S. market totaled more than 12.54 billion square feet in almost 1.1 million retail buildings at the end of Q3 2014, including 97,500 shopping centers.

Friday, November 21, 2014

Canadian Firm Walks Away From Revel Buy

Issues related to Revel Casino-Hotel’s power plant have apparently pulled the plug on Brookfield US Holding LLC’s $110-million purchase of the shuttered gaming facility here.

Brookfield spokesperson Melissa Coley said on Wednesday night that Brookfield decided not to move ahead with its court approved purchase of Revel. She said Brookfield’s decision was based on bondholders’ refusal to rework debt connected with the construction of Revel’s power plant, according to the Press of Atlantic City.

Glenn Straub, the Florida developer whose $95.4 million bid for Revel was named the backup offer at a bankruptcy auction, believes his appeal of the award prompted Brookfield’s decision to walk away from the casino purchase.

“We will make the place successful, mark my words,” Straub says.

While Brookfield said it would have run a casino-hotel at the Revel, Straub says that gambling would not be the main draw at the property that cost $2.4 billion to construct.

The construction of the power plant caused Revel to incur more than $1.5 million in monthly power-plant financing fees, which contributed to the casino owner’s fiscal woes.

KBS REIT II Sells I-81 Industrial Portfolio for $105.7M

Chambers Street Properties acquired four industrial buildings in the I-81 / I-78 Corridor of Eastern Pennsylvania from KBS Real Estate Investment Trust II. The Newport Beach, CA-based REIT sold its I-81 Industrial Portfolio for $105.7 million, or about $64 per square foot.

The portfolio of core properties includes four industrial buildings totaling 1.64 million square feet that are fully leased to tenants including Kimberly-Clark, Amazon, Bimbo Bakeries, Two Chefs on a Roll, Cardinal Glass, and Haband Company.

The buyer, a Princeton, NJ-based REIT that focuses on long-term holds of net-leased industrial and office properties, was reportedly attracted to the asset's location, critical use, and tenant quality.

14-46 Alberigi Dr. in Jessup, PA is a 140,800-square-foot, high-bay warehouse built in 2007 on 106 acres in Lackawanna County. In Luzerne County are three bulk industrial buildings including the 615,600-square-foot distribution facility at 550 Oak Ridge Rd. constructed in 2005 on 50 acres in Hazleton, the 744,080-square-foot distribution building at 325 Centerpoint Blvd. in Jenkins Twp. built in 2008 on 49 acres, and 125 Capital Rd. in Pittston, a 144,000-square-foot food processing facility built in 2007 on 14 acres.

In connection with the sale, KBS repaid $56.2 million in outstanding principal on a portfolio mortgage loan secured in-part by the properties. KBS acquired the portfolio in 2011 for $90 million, and incurred expenses of $2.9 million during ownership.

"The I-81 / I-78 corridor has become highly sought-after by investors," commented Hines. "This market has a low vacancy rate, 8.4% for modern bulk, and tremendous leasing activity averaging 21.7 million square feet from 2011 to 2013, including a 41% year-over-year increase in 2013."

Thursday, November 20, 2014

DaVita Dialysis Ctr Sold for $3.2M

A private investor sold the medical office building at 133-135 Cheltenham Ave. in Cheltenham, PA to a family trust for $3.15 million, or about $262 per square foot.

This office building delivered in 1960 in the Horsham/Willow Grove submarket. It totals 13,650 square feet, and is occupied by DaVita Dialysis Center.

Tuesday, November 18, 2014

Gary Shilling on the State of Real Estate (Video)

Malvern Office Building Trades for $23M

by Natalie Kostelni, Staff Writter for Philadelphia Business Journal

Hayden Maguire Real Estate Funds has picked up its second acquisition and paid $23 million for 1200 Atwater Drive in Malvern, Pa.

The 151,447-square-foot building in the Atwater Corporate Center at Route 29 and the Pennsylvania Turnpike was constructed more than 10 years ago by Trammell Crow Co. as a regional headquarters for Allstate Insurance Co. At some point, Trammell Crow sold the building to Invesco Real Estate, which was the latest seller of the property.

The deal took a little longer than expected to get done.
"The transaction had some fits and starts," it was an off-market sale.

Mayock had the building under contract last year to a different, undisclosed buyer. But when Shire Pharmaceuticals decided not to build a new headquarters at Atwater and Endo Pharmaceuticals decided to lease out half of its new headquarters also in Atwater, the buyer got cold feet.

"Both of those things made that buyer nervous," Mayock said. "They said: 'No, thanks anyway.'"
The deal was dead but Mayock was confident another buyer would come along. The market started to strengthen and office space in the Malvern area was getting absorbed. Mayock was also aware Hayden was wrapping up the leasing of Cross Point and wanted a presence at the Malvern interchange.

A deal was struck.
Hayden Maguire is a fund based in West Conshohocken, Pa. It has a strong presence in Exton, Pa., the Valley Forge, Pa., area and Conshohocken, Pa. It was eager to get a building in Malvern, said Tony Hayden Jr.
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Monday, November 17, 2014

Lexington Realty Trust Acquires HealthSouth Rehab Hospital for $19.1M

HealthSouth Corporation sold the health care facility at 1237 W. Sherman Ave. in Vineland, NJ to Lexington Realty Trust for $19.1 million, or about $507 per square foot.

The new owner kept in place a 40-year lease to HealthSouth Rehabilitation Hospital of South Jersey LLC in a deal guaranteed by the seller, one of the largest owners and operators of inpatient rehab hospitals in the country.

HealthSouth Rehabilitation Hospital is a single-story, 37,660-square-foot facility that was constructed in 2002 on 8.9 acres in the Southern New Jersey submarket of Cumberland County, just two miles from NJ Rte 55 and along a heavy medical corridor located 40 miles south of Philadelphia.

"The current demand for stabilized, quality real estate is much greater than the supply. Through an intense and competitive marketing effort to both 1031 exchange buyers and institutional purchasers, we were able to tap into that demand and deliver great pricing for our seller."

The asset traded at 5.8% CAP rate based on 2014 NOI of $1.11 million in annualized rent.

Stockton College Plans to Buy Shuttered Showboat Casino

by John Jordan
Officials with Richard Stockton College and Caesars Entertainment Corp. announced on Wednesday that the college intends to acquire the shuttered Showboat Atlantic City casino and repurpose the property as a branch campus.

Caesars and Richard Stocktown College reportedly signed a letter of intent for the purchase of the 28-acre property that includes a more than 1.4-million square-foot building, according to the Press of Atlantic City.

State Assemblyman Chris Brown told the newspaper that the college also intends to use the shuttered casino as a hotel. No purchase price for the Showboat was disclosed. The two parties stated that the transaction “is subject to completion of due diligence by the college and the negotiation and execution of a definitive agreement."

Stockton College President Herman Saatkamp hopes the branch campus at the Showboat property "enhances Stockton's educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City."

Gary Loveman, CEO of Caesars Entertainment, says, “The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit. I believe the construction of a Stockton campus there will help to diversify the economy of the city, which is critical to its future well-being."

Wednesday, November 12, 2014

Boothwyn Warehouse Sold for $4.2M

PX Properties LLC sold the industrial building at 5 Chelsea Pky in Boothwyn, PA for $4.2 million, or about $78 per square foot, to Neltson Edison LP.

The 53,733-square-foot warehouse is located in the Delaware County Industrial submarket. It was fully leased at the time of sale to Priority Express Courier.

Batesville Casket Bldg Sells for $6M

Industrial Property Trust acquired the Batesville Casket Building at 9770 Commerce Cir. in Kutztown, PA from Hillenbrand, Inc. for $6 million, or about $72 per square foot. 

The single-story, 88,000-square-foot warehouse was constructed in 2000 in the Lehigh Valley Industrial submarket, part of Arcadia West Industrial Park. The building sits roughly on 11 acres, and features 12 loading docks and two drive-ins. 

The building is fully leased to Batesville Casket Company, Inc., a designer, manufacturer, distributor, and seller of funeral service products.

Tuesday, November 11, 2014

"The Liar's Ball": The Book Donald Trump Doesn’t Want You to Read

Largest Philly Development Land Parcel on Market for Sale

by Joseph N. DiStefano Staff writer for the Philadelphia Inquirer

Commercial real estate broker CBRE Inc. is offering the former Frankford Chocolate factory, a 241,000 square foot brick complex on a 100,000 sf lot at 2101 Washington Ave., For Sale. "This is the largest piece of available development land in the city at the moment," CBRE's Robert Fahey says. Has Center City finally reached that old industrial strech of Washington? "It's the hottest residential neighborhood in the city for people of decent means who want to walk to work," Fahey insists.

The ex-factory's late owner, Vienamese immigrant turned New York low-rent hotelier Truong Vinh Tran, paid a modest $5.75 million for the property in 2007, and proposed a $100 million senior housing/medical/grocery mixed-use development centered on the city's Vietnamese community. Troung's project was scaled down and approved by the city, but languished in the recession; he died in 2012, leaving the project in litigation among his many descendants. At double the 2007 price -- say, $100/sf -- it could go for $12 million, Fahey says.

Truong's assets -- he was majority owner of Alphonse Hotel Corp. -- are being sold in liquidation, says lawyer Kevin Smith, at Stroock & Stroock & Lavan, which represents estate administrator Ernst Rosenberger, a retired judge. The estate has agreed to sell the Hotel Carter, Truong's flagship property, to Chetrit Organization of New York for a price Smith confirmed was "more than $175 million."

The Frankford Chocolate site is zoned I-2 and offers buyers a choice: "to convert the existing building into a residential use with commercial space while emphasizing the historic aspect, or demolish the building and start from the ground up," CBRE says. The brick heart of the complex dates to 1865 and may be eligible for federal Historic Investment Tax Credits.

'Strong' Demand for Commercial Space: Greenslade (Video)

Skip to min 6:00 if you want to hear about office trends

Monday, November 10, 2014

Philadelphia Office Deliveries, Construction and Inventory

During the third quarter 2014, two office buildings totaling 219,036 square feet were completed in the Philadelphia market area. This compares to nine buildings totaling 455,834 square feet that were completed in the second quarter 2014.

There were 3,506,297 square feet of office space under construction at the end of the third quarter 2014.

Some of the notable 2014 deliveries include: Two City Center, a 296,025-square-foot facility that delivered in second quarter 2014 and Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

The largest projects underway at the end of third quarter 2014 were Comcast Innovation & Technology Center, a 1,566,794-square-foot building and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility.

Total office inventory in the Philadelphia market area amounted to 402,879,847 square feet in 20,930 buildings as of the end of the third quarter 2014. The Class-A office sector consisted of 129,867,900 square feet in 966 projects. Within the Office market there were 985 owner-occupied buildings accounting for 37,487,321 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 233 buildings totaling 13.16 million square feet complete construction, with an additional 108.2 million square feet of office space still under construction at the end of the third quarter. 8 Education St, a 321,503-square-foot office building in the Boston market delivered this quarter, as did the 409,000-square-foot facility at 3965 Eagan Outlets Pky in the Minneapolis market, while the 1.5 million-square-foot State Farm Campus in the Dallas / Ft. Worth market is still underway. Total office inventory in the U.S. market totaled almost 10.44 billion square feet in more than 502,400 buildings at the end of Q3 2014, including some 22,000 owner-occupied buildings accounting for 930 million square fee

Whole Foods planned for Ellis Preserve in Newtown Square

by Natalie Kostelni, Staff Writer for the Philadelphia Business Journal

Whole Foods Market has signed a lease at Ellis Preserve in Newtown Square, Pa., and will serve as the anchor for the first phase of the retail portion of the 210-acre mixed-use development.
The grocer leased 41,700 square feet and the store will have direct access from Route 3 and Winding Way.

Equus Capital Partners, the Philadelphia developer of Ellis Preserve, plans to construct a total of 114,000 square feet of retail space in the first phase. A portion of that space will be occupied by Whole Foods and the remaining 72,300 square feet will be leased to other tenants.
Equus will seek to fill that space with a "high-end mix of shops and restaurants," said Steven Spaeder of Equus Capital. "Whole Foods use and the architecture will set the tone. Walnut Street will be our prospecting turf."

The first phase will also include constructing a 127-room hotel. Work is scheduled to begin on the project in the spring.

Full story:

Sunday, November 9, 2014

EPR Properties CEO: Industries very healthy (Video)

Negotiating Your Commercial Lease? Why Should You Use a Broker?

Unless you work for a brokerage firm, you are not an expert when it comes to commercial real estate leases. Leave it to the experts when it comes time to negotiate your lease.
Often times, a landlord will be more willing to discuss a better deal to the tenant based on the simple fact that they are working with a broker. A broker’s mere presence shows the landlord that the tenant is serious about a competitive offer. The key to a successful contract negotiation is competition. A broker will ensure that the tenant has their needs met and help them to lock down the best deal possible.

A broker has the time and resources to investigate and negotiate on behalf of the tenant. For someone without the resources of an experienced broker, these negotiations can be very time consuming. During a lease negotiation, a broker would be able to bring five important services to the table on behalf of their tenant.

1) Investigate the economic market to grab the best deal for a tenant
2) Create a competitive bidding environment between a landlord and a tenant
3) Handle the paperwork and transactions involved in a negotiation
4) Serve as a representative on behalf of a tenant’s legal rights
5) Analyze the needs of a tenant and investigate all properties suitable for those needs
Original Blog:

Friday, November 7, 2014

Luxury Apartments Where the Berlin Wall Once Stood (Video)

Our kids will not even believe there was a wall there at one time.

Sears higher on REIT exploration (Video)

CIT Refinances Five Tower Bridge

by Steve Lubekin,
CIT’s Real Estate Finance unit helped MIM-Hayden Real Estate Fund I, LP, an investment fund sponsored by Hayden Real Estate Investments and Miller Investment Management refinance Five Tower Bridge, an eight-story class A office tower located in West Conshohocken, PA. CIT provided a $55 million senior secured loan through CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This property, along with a few other properties in the area, set the highest asking rents in the market, says Anthony J. Hayden, managing director of MIM-Hayden Real Estate Fund. “Many executives living along the Main Line prefer the easy commute to West Conshohocken and appreciate that employees are not subject to the city of Philadelphia wage tax. CIT’s single lender execution, market knowledge and flexible terms were the keys to awarding this business. CIT performed flawlessly. We are already working with them on other financing and look forward to continuing to grow our relationship."

This is CIT’s third transaction in the last year in the suburban Philadelphia office market. In November 2013, CIT financed the recapitalization and repositioning costs of a six-building, 200,000-square-foot office park in Conshohocken and an 89,000-square-foot, class A office building in Malvern, PA.

“We’re pleased to provide this financing to MIM-Hayden Real Estate Fund to support the refinancing of its Five Tower Bridge office tower, which is located in one of Philadelphia’s strongest suburban office markets,” says Matt Galligan, president of CIT Real Estate Finance. “Our extensive expertise in the greater Philadelphia market and our deep experience in financing commercial real estate assets allowed us to develop a customized financing solution in a timely manner. We look forward to building on this new relationship.”

Thursday, November 6, 2014

Weis Plaza Sold for $4.2M

Phillips Edison & Company sold the Weis Plaza shopping center at 15260-15262 E. Kutztown Rd. in Kutztown, PA to Nassimi Realty Corporation for $4.15 million or approximately $36 per square foot.

The 115,000-square-foot retail strip was constructed in 1976 on 12.9 acres in the Berks County submarket of Philadelphia.

Korman Commercial Sells Interstate Business Park Bldg 24

Korman Commercial Properties, Inc. sold Bldg 24 in the Interstate Business Park, located at 281 Benigno Blvd. in Bellmawr, NJ to Bellmawr Laundry LLC for $2.81 million, or $38 per square foot.

The single-story, 74,000-square-foot industrial building was constructed in 1970 in Camden County.

Shippensburg Lowe's Sells for $24.4M

A New York-based investor acquired the retail building at 250 S. Conestoga Dr. in Shippensburg, PA from Excel Trust, Inc. for $24.4 million, or about $143 per square foot.

The 171,069-square-foot, freestanding retail building was constructed in 2008 on 21.3 acres in the Harrisburg Area West submarket of Cumberland County, in Central PA.

Monday, November 3, 2014

Philadelphia Industrial Vacancy Decreases to 8.3%

he Philadelphia Industrial market ended the third quarter 2014 with a vacancy rate of 8.3%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 3,482,534 square feet in the third quarter. That compares to positive 3,536,167 square feet in the second quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 942,647 square feet.

Tenants moving into large blocks of space in 2014 include: Walmart Distribution moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Ocean Spray moving into 980,000 square feet at West Hills Business Center - Building A, and Kane Warehousing, Inc. moving into 955,935 square feet at Distribution Center 6 in the Stauffer Industrial Park.

Rental rates ended the third quarter at $4.49, no change over the previous quarter.

A total of four buildings delivered to the market in the quarter totaling 906,337 square feet, with 12,035,258 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 7.5% from the previous quarter, with net absorption positive 64.71 million square feet in the third quarter. Average rental rates increased to $5.47, and 206 industrial buildings delivered to the market totaling more than 30.8 million square feet.

Recent Real Estate Deals

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

Hagen Properties sold a 15,150-square-foot building on 1.22 acres at 1642 Woodhaven Drive in the Woodhaven Industrial Park in Bensalem for $840,000. Creative Commercial Prop bought the property to house its Creative Architectural Metals Inc., which is leasing space at 309 Cramer Drive in Bensalem. 

Laborers District Council Benefit Fund leased 13,667 square feet at 665 N. Broad St. in Philadelphia. The union had been in 475 N. 5th St. in Philadelphia.

R.C. Moore Inc., a distributor for Monster Beverage Corp., bought a 289,000-square-foot warehouse building at 301 Oak St. in Pittston, Luzerne County, for $9.4 million from Endurance Real Estate, which bought the building in 2012 for $4.36 million. R.C. Moore leased the building while Endurance was in due diligence and later negotiated to buy the property. 

Hayden Maguire Real Estate Fund paid $45.6 million for a five-building office-flex portfolio totaling 317,782 square feet in the Avion Business Park in Chantilly, Va. The portfolio was in foreclosure and bought through a special service. It was about 85 percent occupied.

Brandywine Realty Trust is teaming up with LCOR and the California State Teachers' Retirement System to construct 1919 Market St. in Philadelphia.
Work is expected to begin soon on the 29-story, 455,000-square-foot mixed-use project. It is scheduled to be completed by spring 2016.

$20M mixed-use development planned for Bryn Mawr

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

Blank Aschkenasy Properties has plans to construct a $20 million mixed-use project on Lancaster Avenue in the heart of Bryn Mawr.

The project, called Bryn Mawr Village, will be built at 909 Lancaster Ave. on several parcels that Aschkenasy assembled over the last few years on Lancaster and along Merion Avenue. The site includes a surface lot and adjacent structure that had been used by Verizon.

Bryn Mawr Village will consist of nearly 60,000 square feet. The main part will be 53,000 square feet and roughly 35,000 square feet will be retail space and 17,000 square feet will be office space. The architect is Bernardon Haber Holloway.

That spot in Bryn Mawr has been somewhat of a "hole" along Lancaster Avenue, said Paul Aschkenasy.

"Bryn Mawr is really the center and the heart of Lower Merion in many ways," he said. "These two blocks have struggled and there has been a hole in this area for a long time. For that market, it has been somewhat of a blight."

The company is in the process of getting its land development approvals.
Full story: