By Paul Schwedelson – Reporter, Philadelphia Business Journal
BET Investments has purchased a six-building corporate campus in Conshohocken for $17 million and plans to redevelop the property with a mix of apartments and retail space, while maintaining a portion of the existing offices.
The Dresher-based developer is planning to build up to 200 apartments and between 20,000 and 30,000 square feet of retail space on the 16-acre site at 625 W. Ridge Pike, known as Conshohocken Ridge Corporate Center.
The property is currently home to one 91,700-square-foot, four-story office building and five one-story office buildings, each roughly 25,000 square feet. Together, they total around 200,000 square feet and are 62% occupied. As part of the redevelopment, BET would tear down two or three one-story office buildings to make way for new uses.
BET closed on the property in August, buying it from Radnor-based EQT Exeter.
The property is just south of the intersection of I-476 and West Ridge Pike on the northern edge of Conshohocken. It's also less than two miles from I-276 and three miles from I-76.
“As far as raw, centrally located real estate in the region, it’s probably one of the best pieces of real estate I’ve ever purchased,” BET Investments President Michael Markman said. “… The key for us is we look at things a lot differently than everyone else. This particular property is screaming out for a redevelopment.”
BET specializes in suburban mixed-use developments that incorporate apartments and retail space.
Full story: https://tinyurl.com/59y4a539
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