BET Investments is proud to announce that the Promenade at Granite Run was recognized by the Philadelphia Business Journal as the Best Real Estate Deal of 2019! Not only that, but our very own, Michael Markman was recognized as Best Dealmaker of the Year!
Promenade at Granite Run, a new, mixed-use community on 86 acres in Media.
BET INVESTMENTS
By Natalie Kostelni – Reporter, Philadelphia Business Journal
Mar 12, 2020
Best Multifamily | First Place | Promenade at Granite Run
BET Investments has redeveloped the former Granite Run Mall into Promenade at Granite Run, a new, mixed-use community on 86 acres in Media. The project involved razing a portion of what was considered a dead mall, repositioning 840,000 square feet of retail space and building a new 192-unit, 253,361-square-foot apartment complex called 50 at Granite Run, which has 12,000 square feet of amenity space. The development also has a 330-space parking garage.
Developer: BET Investments
Bank/Financing: Capital One
Architect: Martin Architectural Group
Engineer: T&M Associates
Interior Designer: Design Works
Law Firm: Riley, Riper & Collagreco
Read the full article at Philadelphia Business Journal here.
By Natalie Kostelni – Reporter, Philadelphia Business Journal
Mar 12, 2020
In partnership with Bruce E. Toll, Michael Markman formed BET Investments Inc. in 1998. In that time and under Markman’s leadership, BET has grown to own 4,000 apartments and seven million square feet of retail and office space over 70 properties in a portfolio that is valued at $1.5 billion. It employs 200 people.
The diversified real estate company has embraced taking on large, complex projects that are leaving a mark on the region and setting a new standard for mixed-use development. For example, BET is developing the Promenade at Upper Dublin, which will have 402 apartments and 140,000 square feet of retail space and has helped spur additional investment and development in the Horsham area.
BET bought and redeveloped the Granite Run Mall, which was considered a dead retail property, into the Promenade at Granite Run that at buildout will have 400 apartments, of which 192 have been constructed, and 840,000 square feet of retail space. The project serves as a blueprint for other developers who have dying malls and want to revive them.
In Media, BET built a new apartment complex on a property that had been an old car dealership and transformed it into West End Flats with 162 apartments that quickly leased up and helped redefine a part of the Delaware County community. In Abington, the company is redeveloping a former YMCA into space for Children’s Hospital of Philadelphia.
When not working on a new development, Markman has held several volunteer positions. He served two years as the chairman of Jewish Federation Real Estate Executive Committee and is on the board of Ursinus College, where he directs its real estate planning. He also served as an Abington Township Commissioner and member of its planning commission. Markman is currently a member of the Upper Dublin Municipal Authority for the Fort Washington Office Park.
Read the full article Philadelphia Business Journal here.
By Paul Schwedelson – Reporter, Philadelphia Business Journal
A rendering shows BET Investments’ plan at 625 W. Ridge Pike in Conshohocken with a mix of up to 200 apartments and 20,000 to 30,000 square feet of retail space.
BET Investments has purchased a six-building corporate campus in Conshohocken for $17 million and plans to redevelop the property with a mix of apartments and retail space, while maintaining a portion of the existing offices.
The Dresher-based developer is planning to build up to 200 apartments and between 20,000 and 30,000 square feet of retail space on the 16-acre site at 625 W. Ridge Pike, known as Conshohocken Ridge Corporate Center.
The property is currently home to one 91,700-square-foot, four-story office building and five one-story office buildings, each roughly 25,000 square feet. Together, they total around 200,000 square feet and are 62% occupied. As part of the redevelopment, BET would tear down two or three one-story office buildings to make way for new uses.
BET closed on the property in August, buying it from Radnor-based EQT Exeter.
The property is just south of the intersection of I-476 and West Ridge Pike on the northern edge of Conshohocken. It’s also less than two miles from I-276 and three miles from I-76.
“As far as raw, centrally located real estate in the region, it’s probably one of the best pieces of real estate I’ve ever purchased,” BET Investments President Michael Markman said. “… The key for us is we look at things a lot differently than everyone else. This particular property is screaming out for a redevelopment.”
BET specializes in suburban mixed-use developments that incorporate apartments and retail space.
An aerial photo shows six office buildings at 625 W. Ridge Pike in Conshohocken that BET Investments recently acquired.
By redeveloping the site, Markman believes the remaining office space will become more popular. It’s a formula he has seen play out at the Promenade at Upper Dublin, which BET developed and debuted in 2020. That project has 402 apartments and 138,000 square feet of retail space. The firm also owns the adjacent Montgomery Corporate Center office building, which has seen increased leasing as a result.
For the Conshohocken redevelopment, Markman said he has had discussions with “best- in-class retailers” who may be interested in leasing space at the property. A rendering for the project shows a potential grocery store.
Plans have also been discussed with Plymouth Township, which will have to approve any residential development given the site is zoned for commercial. Markman doesn’t yet know how many office buildings would be torn down and how many apartment units would be built, given it partly depends on what the township will approve.
The best-case scenario for BET, Markman said, would be completing the approval process by the end of 2025 and beginning construction by early 2026. Construction is expected to take two years, meaning the project would be complete in 2028. Markman declined to share a cost estimate, citing fluctuating construction costs.
Michael Markman of BET Investments
BET’s strategy for this site is similar to several of its other mixed-use developments and goes back to one of its key philosophies.
“If we can create an exciting environment, it helps our office, helps our retail, helps our apartments,” Markman said.
He noted apartments built next to food establishments tend to lease faster and at higher rents because residents are attracted to walkable amenities. Similarly, when offices are next to mixed-use environments, it’s easier for companies to recruit employees.
That potential at this site, which was built in 1985, made the acquisition a “no-brainer” for BET, Markman said.
BET paid $6.5 million less for the site than it traded for nearly 20 years prior. At that time in 2005, Trinity Capital Advisors paid $24.5 million for the property, the Business Journal previously reported. Seven years later, Trinity sold the portfolio to EQT Exeter. Property records do not show the 2012 sale price.
While BET is taking advantage of the depressed value of office properties, Markman said demand for office space has been better than expected even just in the months since acquiring the property. Though some of the office space would be demolished, prospective tenants could be attracted to the remaining office space given the development plans for the rest of the property.
Current office tenants include construction engineering firm AECOM and Blue Pearl Pet Hospital.
This Saturday, Sept 16th. Swing by for glasses, sunglasses, contacts, and accessories. Plus, to celebrate opening weekend, they’re giving out a free, custom tote bag with any eyewear purchase (while supplies last).
Waxing the City is now open at The Promenade at Upper Dublin. Waxing the City is located on Market Street, Dresher, PA 19025 and will be joining other fine establishments such as:
The Starbucks located at The Promenade at Upper Dublin has hiring opportunities. Please check out their flyers below. If you are not currently seeking employment feel free to share around to those who are!
Starbucks will be opening this Friday, October 1st at The Promenade at Upper Dublin. Starbucks is located on Market Street, Dresher, PA 19025 and will be joining other fine establishments such as:
Banfield Pet Hospital will be holding their grand opening this Saturday, September 11th at The Promenade at Upper Dublin. Banfield Pet Hospital is located on Market Street, Dresher, PA 19025 and will be joining other fine establishments such as:
Fine WIne and Good Spirits will be opening Thursday, January 14th at The Promenade at Upper Dublin. Fine Wine and Good Spirits is located at 204 Concourse Blvd, Dresher, PA 19025 and will be joining other fine retailers such as:
We are very happy to see the Promenade at Granite Run being recognized as a Chain Store Age Breakout Retail Center! Chain Store Age will be highlighting the Promenade at Granite Run and 7 other retail centers in the magazine’s March-April Edition.
BET Investments Chairman, Bruce Toll was recognized this week by the Philadelphia Inquirer as a 2019 Industry Icon.
The Philadelphia Inquirer’s Business Hall of Fame recognizes local business leaders whose contributions truly make a difference in the Philadelphia area.
We are very pleased to announce that our corporate office, the Montgomery Corporate Center has been awarded a TOBY in the 100,000-249,000 SF category! It’s a great honor to be a part of, and winner of The Outstanding Building of the Year awards. We are humbled and proud of our team at BET!
Learn more about the BOMA TOBY Awards at bomaphila.com.
