Real Estate Co. Buys Shops At Valley Square, Plans To Add Apartments

Doylestown PA

12 May, 2022

10:00 AM

Description

WARRINGTON, PA — A New Jersey real estate company has purchased the Shops at Valley Square for $60 million, according to a report from the Philadelphia Business Journal on Tuesday. Lamar Cos. bought the property for $22 million less than real estate developers paid in its last sale in 2016, according to the journal's report. But broker Brad Nathanson told the journal that he's recently seen higher activity at shopping centers like this one during the day and throughout the week. The 203,953 square-foot shopping mall advertises itself as "where friends meet for coffee, business deals are made over lunch, date nights are frequent, families gather, and the latest in fashion and beauty is found." Before too long, the Shops at Valley Square may also be where some people live. In February of 2020, Warrington Township signed off on a zoning amendment to permit the development of 198 apartments on a rear surface lot and the conversion of 29,000 square feet of vacant office space into 30 loft-style apartments, the Philadelphiha Business Journal said. Lamar hopes to partner with a multifamily developer to build the apartments in an estimated $80 million project, according to the journal. They'd expect to break ground in the next 12 to 18 months. Read more about the shopping center in the Philadelphia Business Journal: Bucks County's Shops at Valley Square sells for $60M, new owner plans to add apartments