Building near Devon Horse Show sells for $4.1M

A prime property along Lancaster Avenue in Devon, Pa., has sold for $4.1 million.

An affiliate of Provco Group, a Villanova, Pa., developer, bought 92 W. Lancaster Ave., a 25,000-square-foot building on 1.44 acres, according to the brokerage that arranged the transaction. The property sits across from the grounds where the Devon Horse Show operates and just down from the Devon Train Station.

Neil Shupak, Justin Bell and Mike Maloney of Newmark Grubb Knight Frank represented the seller, Devon Land Holdings in the transaction. The Provco affiliate, Provco Devon II, was represented by Rob Shirley of Della Porta Real Estate.

The property was 62 percent leased at the time of the sale to Raymond James & Associates and Long & Foster Real Estate. Those leases were negotiated as part of the transaction.

What Provco plans to do with the property, if anything beyond maintaining it as an office building, couldn’t be determined. A representative of the company couldn’t be reach for comment. The building is zoned commercial.

Provco has been active developers along the Main Line particularly in Villanova where it has been constructing a retail center on Lancaster Avenue and Route 320. Some will know it for the location of Azie, a restaurant, a Wine & Spirits Shop, and other retailers. A new section of that center is nearly complete and leased to such tenants as Bernie Robbins and Starbucks.

This also adds to Provco's holdings in that area. The company bought at an auction 80 W. Lancaster Ave., where Smart Associates had been housed, about a year ago. That four-story building totals 52,400 square feet and sits on three acres.

That part of Lancaster Avenue has increasingly been receiving more attention from developers, most notably a partnership involving E. Kahn Development Corp. which is proposing a mixed-project called Devon Yard on the former Waterloo Gardens property.

In addition, just down the road Devon Square, a two-building office complex fronting Lancaster Avenue, has been put up for sale. The property at 724 and 744 W. Lancaster Ave. in Devon totals nearly 140,000 square feet and sits on 16 acres. Estimates have it trading for about $40 million.

Source: Philadelphia Business Journal