NEW JERSEY • PENNSYLVANIA • DELAWARE

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Case Studies

 

Giant Food, Commerce Bank and CVS

Acquisition and Development of Snyder Square Shopping Center in Hatfield, PA.

Situation:

Commerce Bank and CVS both wanted a store at a Hatfield, PA, intersection, but the owner would not parcel off three acres from a 26-acre parcel that held a 30-year-old, 50,000-square-foot shopping center.

Execution:

Robert Hill developed a three-year relationship with the owner of the shopping center. When the landowner decided to retire, he called Hill to sell. Hill worked with partners to purchase the 26 acres and the existing 50,000-square-foot shopping center.  Three years later, Giant Food, CVS, TD/Commerce Bank all have new prototypical stores in a 130,000-square-foot redeveloped shopping center via a condominium structure. This allowed integrated and simultaneous development of the bank and drug store to occur while the shopping center was renovated and expanded to 130,000 square feet, including a new supermarket anchor.

Result:

Giant Food, Commerce Bank and CVS secured their desired sites at the desired intersection when no other site was available. Through the shared effort, their development costs were also reduced.