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WP Realty acquires Devon Village

BRYN MAWR, PA – September 24, 2009 – WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, PA, is pleased to announce the acquisition of Devon Village in Devon, Pennsylvania.

Devon Village is located on Lancaster Avenue (Route 30), a busy thoroughfare that extends from Philadelphia in the east to Lancaster in the west. The prosperous community of Devon, in Chester County, is part of the “Main Line”, a collection of affluent towns that make up Philadelphia’s western suburbs. These historic towns were built along the old Pennsylvania Railroad Main Line and extend northwest from Center City out to Paoli. The area has easy access to major traffic routes such as the Schuylkill Expressway (I-76), the PA Turnpike (I-276) and the Blue Route (I-476), and is accessed by well-traveled local roads such as US Route 202 and State Route 252.

Devon is a popular shopping destination featuring many upscale stores and restaurants. The Devon Race Track and Polo Grounds host the annual Devon Horse Show, the oldest and largest outdoor competition in the U.S., and the area is also home to the Jenkins Arboretum, a botanical garden of 46 acres that is one of Pennsylvania’s major horticultural assets. Devon Village enjoys high traffic counts along Route 30, and also very high average household incomes.

The property of approximately 70,000 square feet is currently anchored by Whole Foods Market, which is celebrating its 16th year at that location and has an extremely strong track record. WP Realty also owns a contiguous parcel, 851 W. Lancaster Avenue, which is comprised of 2.2 acres of commercially zoned developable land. Current uses at the property include retail, office, warehouse, multi-family residential and land.

Devon Village provides an excellent opportunity to acquire a well-located shopping center in a densely populated area with a high barrier to entry and limited opportunities for new development.

WP Realty is an integrated commercial real estate company that currently owns and/or operates over forty shopping centers located in the Northeastern and Mid Atlantic states, and sixteen commercial properties along Philadelphia’s Main Line corridor.