CBRE announced today that it has successfully arranged for the sale of five properties totaling 6-acres in Willow Grove, Pennsylvania. The five properties were acquired by J.G. Petrucci Company, Inc. for an undisclosed price. CBRE vice president Patrick McCabe represented the buyer in all five transactions.

The new project, Station at Willow Grove, will comprise 275 new apartment units and 30,000 square feet of commercial and retail space. Approximately 8,000 square feet of the commercial space will be utilized for amenity driven activities to support the residential tenants within the project. Located directly across from the Willow Grove SEPTA train station, this new development fits J.G. Petrucci’s ground up expansion of transit-oriented development residential projects.

“The Petrucci team showed great patience and resolve in addressing each seller’s needs,” said Mr. McCabe. “In addition, challenges faced in the entitlement and acquisition phase were promptly met with sound solutions from various team members throughout the process.

“This is the first sizable mixed-use project in Willow Grove in years, and given the proximity to public transportation and Willow Grove Mall, this project will begin to transform the immediate area. Upper Moreland Township’s vision for revitalization within the area is one step closer to reality,” McCabe added.

Construction is scheduled to begin in April of this year and expected to be completed in the second quarter of 2019. CBRE has been hired as the exclusive leasing agent for the commercial portion of the new project.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.