Bryant Development acquires four shopping areas.
With the recent acquisitions of Consumers Plaza and Belair Shopping Center in Northeast Philadelphia, PA and Yeadon Shopping Center in Yeadon, PA, Bryant's retail portfolio now totals over a million square feet.
Andrew B. Hascoe, president of Bryant Development Corp., said "It has always been our goal to attain a large portfolio of quality, well-anchored shopping centers. Now that we have reached our goal, we have set another one. We intend to acquire another 1.5 million square feet by year end."
The seller of the property was Shaw's Supermarkets, the dominant grocer in the area, who is an anchor tenant along with Consolidated Stores (Big Lots). Completed in 1970, other tenants include Fashion Bug and Friendly's.
Hascoe also noted that Bryant's in-depth familiarity with the Philadelphia marketplace was another factor in their acquisition of Consumers Plaza and Belair Shopping Center, as well as Yeadon Shopping Center in Yeadon, PA. Having owned, managed and redeveloped in the Philadelphia area since 1994, Bryant has a keen appreciation for the high desirability of the area for retailers, Hascoe said.
"By applying our intensive redevelopment, as well as our managing and leasing expertise, we can only expect these new centers to flourish as our previously owned properties have," said James M. Aries, vice president of leasing at Bryant. "While Consumers Plaza is 100 percent leased to national/regional tenants, such as American Appliance, Sherwin-Williams, Sally Beauty Supply, West Coast Video and Payless Shoes, our aptitude for redeveloping and revitalizing shopping centers can only enhance Belair and Yeadon. Besides having tenants such as CVS, Acme Supermarkets and Jiffy Lube, a number of service-oriented tenants are attracted to the area and its surrounding population. We can only expect a flurry of activity as we begin our leasing programs at the centers."
Bryant Development Corp., located in Purchase, NY, is a full-service real estate organization engaged in the investment, redevelopment, leasing, and management of commercial real estate on the Eastern Seaboard. Bryant's geographically diverse portfolio of properties is comprised of community and neighborhood shopping centers.
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|Title Annotation:||real estate investment and development company|
|Publication:||Real Estate Weekly|
|Article Type:||Company Profile|
|Date:||May 12, 1999|
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