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05.23.06
AMC DELANCEY REPRESENTS SISTER COMPANY IN
$17.5 MILLION DISPOSITION OF 27-ACRE PARCEL IN KING OF PRUSSIA, PA
AMC Delancey Creates Value Play for Philadelphia Gear by
Focusing on Development Consistent with Existing Zoning
Contact
Millicent Zonfrillo, Beckerman Public Relations
(908) 781-6420,
millicent@beckermanpr.com
* A photo is available to accompany this release. Please contact Beckerman
Public Relations.
PHILADELPHIA, PA, MAY 23, 2006 – AMC Delancey Group, Inc., a
Philadelphia-based national real estate investment company, recently
represented its sister company, Philadelphia Gear, in the disposition of
the former, now demolished Philadelphia Gear manufacturing facility
located at 181 South Gulph Road in King of Prussia, Pennsylvania.
Cypress Equities purchased the 27-acre property, which became surplus
when Philadelphia Gear consolidated operations, for $17.5 million and
plans to develop a Home Depot and one or more additional retail tenant
spaces at the site. The Home Depot is scheduled for completion in summer
2007.
“I couldn’t be more pleased with the performance of our talented team of
professionals and the completion of another successful AMC Delancey
transaction,” commented Kenneth P. Balin, President and CEO of AMC Delancey
Group, Inc. “AMC Delancey initially developed plans for 400,000 square feet
of office space and a hotel at the site, but ran into objections from the
township. Lacking progress on that plan, we then scrutinized the existing
zoning and shifted strategy to facilitate alternative legal uses. We were
able to structure a win-win transaction and sell the property to developer
Cypress Equities who was willing to limit its proposed uses to what was
allowed by the current zoning—a Home Depot and additional retail space.”
Philadelphia Gear and AMC Delancey are sister companies of Wind River
Holdings, a King of Prussia-based company.
Cypress Equities is an affiliate of Staubach Retail, which is a separate
operating subsidiary of The Staubach Company. Cypress is focused on
development opportunities arising primarily out of the needs of Staubach
clients. Staubach Retail is a full-service real estate solutions company
that was founded in 1986 and employs 194 full-time professionals in 18
offices nationwide who assist retailers in expanding their operations
nationwide. Cypress has committed capital to service over $1 billion in
client requirements, including build-to-suit projects, multi-tenant/project
development, portfolio acquisition/sale leaseback, property acquisition fund
and land development.
About AMC Delancey Group, Inc.
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a
leading real estate investment and development firm that aligns interests
and co-invests with a growing number of real estate operating partners
throughout the United States. Headquartered in Philadelphia, Pennsylvania,
the Company's programmatic approach focuses first on the quality of
potential operating partners, next on their investment strategies, and then
on the specific properties proposed for acquisition. The Company's current
investment programs include hotel, office, retail, multi-family,
condominium, mixed use, and land development. AMC Delancey plans to expand
these and future investment programs throughout the United States, with both
existing and new operating partners, with investments targeted over the next
several years in excess of one billion dollars. For more information on AMC
Delancey Group, visit
www.amcdelancey.com .
About Philadelphia Gear
A founding member of the American Gear Manufacturers Association (AGMA),
Philadelphia Gear offers products and services found in use worldwide; from
conveyor gear drives used in long wall coal mining operations, to emergency
repair services critical to the power generation industries. The company
serves thousands of customers across the globe from its regional service and
manufacturing facilities in New Castle, DE; Birmingham, AL; Chicago, IL;
Houston, TX; and Los Angeles, CA. Philadelphia Gear is headquartered in
Philadelphia, PA. For more information on Philadelphia Gear Corporation,
call 1 (800) 766-5120, or fax (610) 337-5637.
About Wind River Holdings, LP
About Wind River Holdings Headquartered in King of Prussia, Pa., Wind
River Holdings consists of 16 management executives and support staff.
Through its five operating companies, the company maintains a workforce of
over 700 employees. Wind River Holdings actively seeks to acquire companies
that have strong opportunities for growth, a high-caliber management team, a
leading and recognized brand in its respective market and annual sales of up
to $100 million.
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