An affiliate of Provco Group has just snagged a prime property in Devon along Lancaster Avenue for a respectable $4.1 million, writes the Philadelphia Business Journal. Villanova based developer, Provco Devon II, has bought the 25,000-square-foot building on 1.44 acres located at 92 W. Lancaster Ave., just down from Devon Train Station and across from where the Devon Horse Show is held.

Future Provco’s plans for the building that is currently commercial zoned are not yet known, although it is clear that, for now, Provco will continue to manage it as an office building. At the time of the sale the property was 62% leased to Raymond James & Associates and Long & Foster Real Estate, with those leases re-negotiated within the transaction. The seller was represented by Neil Shupak, Justin Bell, and Mike Maloney of Newmark Grubb Knight Frank, while Rob Shirley of Della Porta Real Estate represented the buyer.

With projects such as the retail center on Lancaster Avenue and Route 320 in Villanova, Provco has recently proved to be an active developer along the Main Line. This latest acquisition adds to Provco’s already significant holdings in the area, which include the 52,400 square feet, four-story building at 80 W. Lancaster Ave. home to Smart Associates, purchased around a year ago at auction.

This area of Lancaster Avenue has seen increased interest from developers, most recently through a partnership which includes E. Kahn Development Corp. The partnership is proposing the development of Devon Yard as a mixed project on the former Waterloo Gardens property.

In addition to development projects, another property close to the location has been put up for sale. A nearly 140,000 square feet two-building office complex  just down the road from Devon Square which fronts Lancaster Avenue at 724 and 744 W. Lancaster Ave. is expected to sell for close to $40 million.