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York Business Center Markets Retail Lots

YORK, PA-After investing $50 million to redevelop a manufacturing site and leasing nearly 1.5 million sf, the owner plans to explore newly arrived retail potential.

By Marita Thomas | Updated on August 27, 2007

(Read more on the debt and equity markets.)

YORK, PA-When a JV between Brasler Properties and New Boston Fund acquired the vacant former Caterpillar manufacturing site at Memory Lane and Butterfly Blvd. for $9 million in 2002, retail opportunities were not on the plate. The partnership, named York Butterfly Limited Partnership, invested $50 million over the past five years to redevelop the 127-acre property into York Business Center.

As luck would have it, the site is now bordered by the 275,000-sf York Town Center, which will open next month. “It is luck,” Robert Brasler, chairman of Philadelphia-based Brasler Properties tells GlobeSt.com. The shopping center developer, a joint-venture between Chattanooga, TN-based CBL & Associates Properties Inc. and Lancaster-based High Real Estate Group, “built a new road adjacent to our property,” Brasler says. “We’re now surrounded by retail, which was never anticipated when we bought the asset.”

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