FLD Group of Eatontown, New Jersey, and New York’s Adjmi family has acquired the Plymouth Meeting office building at 2250 Hickory Road for $5.2 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The two developers purchased the 83,000-square-foot building just north of Plymouth Meeting Mall because it sits next to the Plymouth Meeting Executive Campus, which they bought in October for $65.5 million.
According to Bobby Adjmi, principal at the Adjmi family’s firm A&H Acquisitions, the move complements the partnership’s other nearby properties. This latest addition provides the developers with greater influence over the office landscape near the intersection of I-276 and I-476.
“Right place, right time,” said Adjmi of the purchase. “We think there’s a lot of opportunity in Plymouth Meeting.”
The building’s seller was Hickory Pointe PA Partners, who purchased the property in 2018 for $15 million.
The building is currently 45 percent occupied, but Adjmi said the partners do not plan to convert the property to a new use.
“The plan is to operate it as office, but we welcome partnering with the municipality in always considering any options that could benefit both the township and us,” said Adjmi.
Read more about FLD Group’s purchase in the Philadelphia Business Journal.
