Wednesday, March 16, 2016

Royale Gardens Acquires First Ave Redevelopment Site in King of Prussia

Devon International Group sold the office building at 1100 1st Ave. in King of Prussia, PA to Royale Gardens LP, an investment group led by the Piazza family.

The 18.1-acre site is currently improved with a two-story, 148,000-square-foot office building located within the King of Prussia business park in Montgomery County, just off Rte 422 and adjacent to the I-276 and I-76 with access to the entire Philadelphia MSA.

The buyer plans to redevelop the property by managing the existing building and exploring the development of a mixed-use commercial component with possible medical office space, multi-housing, market retail or a boutique hotel.

"This is a rare and unique opportunity, you don’t find 18+ acres of developable land in the heart of King of Prussia anymore," said Vince Piazza. "I’m thrilled to be part of the redevelopment and transformation of Upper Merion Township."

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