BINSWANGER BROKERS SALE OF 1.4-ACRE SITE IN METRO PHILADELPHIA

BRYN MAWR, PA. — Binswanger has arranged the sale of two parcels situated on a 1.4 acre site in Bryn Mawr, located about 10 miles northwest of Philadelphia. The buyer, JLPH Associates LP, plans to build a new multifamily project on the site. Two separate owners sold the properties, located at 847 and 859 Old Lancaster Ave. Devon Apartments is a two-building complex that includes 24 two-bedroom apartment units and spans 32,580 square feet on 1.1 acres. The multifamily property was 54 percent occupied at the time of the sale. The property located at 847 Old Lancaster Ave., which is currently used as a medical office building, includes a two-story, building on 0.4 acres. Scott Gabrielsen, president, along with Scott Williams and Nick Sannelli of Binswanger Commercial, arranged the transaction.