Cypress Takes 27 Acres, Plans Home Depot

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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.