A New Jersey real estate firm is building its presence in Bala Cynwyd. Piscataway-based Norden Realty Investments purchased two three-story buildings: 225 City Ave. (at $19.25 million) and 15 Kings Grant Drive (at $20.5 million). Paul Schwedelson reported the transactions in the Philadelphia Business Journal.

Norden Realty Investments’ leaders want to transform the office buildings into sites suitable for medical tenants.

Assistant Vice President Jon Brinck-Lund is optimistic about the location. “You’re in between Philadelphia and some of the high-end suburbs. You’re in a very good spot,” he said.  

“You need a churn. You need people, you need excitement and you need things happening. We think we’re right on the cusp of all that right there in those locations.” 

The property at 225 City Ave. is currently occupied by radio station B101 FM; however, the broadcast site is moving soon to Center City. That exit will yield 15,000 square feet to fill.  

“The building gives us flexibility to meet the market, and that is something we like,” Brinck-Lund said. “Breaking spaces up for smaller spaces to meet the market and catch the market where they’re at. With that flexibility, we’re very comfortable with that. We can work with that. 

Read more about the Bala Cynwyd buildings and their owners in the Philadelphia Business Journal.  

Indicative of the current status of City Ave. CRE, Black-owned businesses are thriving there.