Newtown Square’s GMH Capital Partners has purchased several properties along the Main Line for a proposed mixed-use development, writes Natalie Kostelni for the Philadelphia Business Journal.
The company paid $3.2 million for the properties along Route 30 in Frazer in two separate transactions.
The real estate company is looking to use the combined parcels to construct a four-story apartment building with retail space. Plans for the development have been going through the approval process in East Whiteland Township.
The properties bought by GMH Capital include a mobile home park, the former site of Frazer Lanes, and an adjacent gas station.
All of the properties are in an area the township has been studying and where it has been planning to implement comprehensive improvements to enhance the Route 30 Corridor. This includes encouraging more mixed-use and multifamily development to help create more of an identity for the suburban township.
Read more about the acquired properties in the Philadelphia Business Journal by clicking here.