BET Investments has purchased the property at 438 Baltimore Pike in Media, PA, with the intent to develop it into a multifamily apartment building.
BET acquired the lot from Cornerstone Communities and Arcadia Land Co, which had already gained approval for development on the site, for an undisclosed sum. The new building will be called West End Flats and will contain 162 units at an average of 1,050 SF, according to the Philadelphia Business Journal.
The property sits two miles from the BET-owned Granite Run Mall, which is undergoing a renovation to add apartments and more retail to the shopping center. A shuttle service will run between the two sites once completed. BET president Michael Markman will be a speaker at Bisnow's Philadelphia State of the Market on Sept. 27. [PBJ]
