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UPPER MERION TWP., PA-Dallas-based Cypress Equities acquired a 27-acre site at 181 S. Gulph Rd. and the Schuylkill Expressway near King of Prussia from locally based AMC Delancey Group. Kenneth Balin, AMC Delancey's president and CEO, tells GlobeSt.com the price was $17.5 million, or about $648,148 an acre.

Cypress plans to develop a Home Depot and one or more additional retail tenant spaces. The site contains the 400,000-sf now-vacant Philadelphia Gear Co. plant, which will be demolished. Steven Kushner, managing principal of Cypress' New York City office, tells GlobeSt.com the Home Depot will be approximately 115,000 sf with a 28,000-sf garden center. The zoning also allows for a pet store and auto dealership, he says, but no deals for such units are now in place.

The Home Depot is scheduled for completion in summer 2007. As a part of Cypress' agreement with Home Depot, Cypress will acquire an existing 130,000-sf Home Depot on an 11.5-acre parcel a mile from the new one and develop it for retail use, once Home Depot moves to the new location. Kushner declined to disclose the price of that acquisition and says, "We really don't know yet what we'll do with it. We're really focused on the new store, and the existing one won't be available until the move."