By Paul Schwedelson – Reporter, Philadelphia Business Journal
Two out-of-state development partners have added another Plymouth Meeting office building to their growing real estate portfolio in the Philadelphia suburbs.
Eatontown, New Jersey-based FLD Group and New York’s Adjmi family paid $5.2 million for the 83,000-square-foot office building at 2250 Hickory Road, located just north of the Plymouth Meeting Mall and adjacent to the five-building Plymouth Meeting Executive Campus they bought in October for $65.5 million.
Bobby Adjmi, principal at the Adjmi family's firm A&H Acquisitions, described the acquisition as complementary to the partnership’s other properties nearby. The Hickory Road building gives the Adjmis and FLD Group even more control over the office landscape around the intersection of I-276 and I-476.
“Right place, right time,” Adjmi said of the purchase. “We think there’s a lot of opportunity in Plymouth Meeting."
A year before buying Plymouth Meeting Executive Campus, FLD Group and the Adjmi family bought the Bala Plaza office complex in Bala Cynwyd for $185 million. They plan to redevelop the 1.1 million-square-foot property with a mix of uses including a hotel, apartment buildings and a retail center.
Adjmi said there are no immediate plans to convert the four-story building at 2250 Hickory Road, which is about 45% occupied, to a new use.
“The plan is to operate it as office,” Adjmi said, “but we welcome partnering with the municipality in always considering any options that could benefit both the township and us, and create a win-win for Plymouth Meeting.”
Adjmi said he’s optimistic about the location based on other development projects nearby. In March, Keystone secured $42 million in financing to convert an office building at the Plymouth Meeting Mall to residential. Hanover Co. has also begun construction on hundreds of apartments on the mall property, Adjmi said.
He added that the partners would consider a redevelopment at 2250 Hickory Road in the long term if it made sense.
“We welcome speaking with the township and seeing what other adaptive reuses could be had here considering the bulk of office space that’s in the area,” Adjmi said.
Full story: http://tiny.cc/ccmq001
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