March 23, 2006

Written by Sandy Marks

Cypress Equities Completed $17.5M Land Sale
Home Depot Planned for 27-Acre Parcel on Former Industrial Site

Cypress Equities acquired a 27-acre land parcel at 181 S. Gulph Road and the Schuykill Expressway from AMC Delancey Group Inc. for $17.5 million, or approximately $648,148 per acre. The site contains the soon to be demolished approximately 400,000 square foot industrial building that was once home to the Philadelphia Gear Co.

Cypress Equities plans to develop the site for Home Depot and some additional retail tenants. The center is scheduled to open in the summer of next year. The site contains limited industrial zoning, which in King of Prussia allows for a lot of uses.

Cypress Equities was formed as a retail development and acquisition affiliate of Staubach Retail in 1995. Cypress has three primary business initiatives: retail development, AutoStar Realty and retail acquisitions.

Arthur Weisman of NAI Geis Realty Group Inc. represented both Cypress Equities and AMC Delancey. Rich Weitzman of The Staubach Co. will handle the leasing for Cypress.