LMS Commercial Plans Redevelopment in Lancaster, PA
Rachel Irving from CoStar reports: The Shoppes at Landis Valley to Break Ground in the Fall
LMS Commercial Real Estate purchased 9.2 acres in Lancaster, PA, for $5.45 million, or $587,000 per acre, for redevelopment. BJP Associates Inc. sold the property, located at 2363 Oregon Pike, after being under contract for approximately 18 months.
The new project, known as The Shoppes at Landis Valley will consist of three retail outparcels and more than 30,000 square feet of office and retail space. The property currently contains a former Quality Inn and Suites, which is scheduled to be demolished. New construction is slated to begin in the fall.
Both parties were represented in-house in the deal.
Please refer to CoStar COMPS # 1874678 for more information on this transaction.