9th Street Development closes on its first Pennsylvania investment in Kennett Square

101 and 128 E State Street, a mixed-use redevelopment, will bring luxury apartments, new retail, and modernized office and medical space to the heart of the Borough

WILMINGTON, DE – June 30, 2026 – 9th Street Development Co. (“9SDC”) announced today that the firm has completed its acquisition of 101 and 128 E State Street, two of the most prominent buildings in Kennett Square, Pennsylvania. 

“We are thrilled to officially close on these properties and begin the next chapter for such a prominent piece of downtown Kennett Square,” said Robert Herrera, Partner at 9SDC. “From the outset, we saw a unique opportunity to invest in buildings that are deeply connected to the character and history of the community. We look forward to building on that foundation and helping bring new energy, tenants and activity to the heart of the downtown.” 

Built as the former corporate headquarters of Genesis HealthCare, the two landmark buildings sit at the center of State Street, the borough’s main thoroughfare. 128 E State Street, the tallest building in Kennett Square, will be converted into 60 luxury apartments above new ground-floor retail, with resident amenities that include a rooftop deck, fitness center and lounge. 101 E State Street, anchored by its signature clock tower, will continue as Class A office and medical space, with plans for a new street-level retail presence and comprehensive upgrades to its lobby, amenities and common areas. 

"Leasing momentum at both buildings has exceeded our expectations," stated David Rinnier, Partner at 9SDC. "We've executed three leases since launch, and the sustained interest from office and medical users speaks to the quality of these assets and the strength of the Kennett Square market. The best is still ahead as these buildings are brought back to life." 

JLAM, a well-established real estate investment and development firm headquartered in Rehoboth Beach, DE, is partnering with 9SDC on the project. Pillar Real Estate Partners, who also invested alongside 9SDC, is serving as a strategic advisor on overall project strategy and asset management. 

“Kennett Square is one of the most dynamic small downtowns in the region, and these two buildings sit right at its center,” said Stephen Card, Co-Founder and Principal of Pillar Real Estate Partners. “We are excited to partner with 9th Street Development on a redevelopment that will deliver new housing, retail and modern office and medical space to State Street.” 

The project benefited from strong local support throughout the acquisition and predevelopment process, most notably from MaryFrances McGarrity, Senior Vice President of Business Development Services for the Chester County Economic Development Council, whose support was instrumental in bringing the project to closing. 

“MaryFrances went far beyond what anyone would expect in a traditional economic development role,” said Herrera. “From making key introductions and identifying prospective tenants to helping navigate local resources and serving as a trusted advisor throughout the process, she was an invaluable partner. Projects of this scale take an entire community working together, and we are incredibly grateful for her leadership and commitment to Kennett Square.” 

JLL’s Blaise Fletcher and Jamie Vari oversee the leasing and marketing for 101 and 128 E State Street. For more information about the leasing opportunities, visit https://www.loopnet.com/Listing/101-E-State-St-Kennett-Square-PA/35832729/. 

About 9th Street Development Co.

9th Street Development is a team of creative, driven developers focused on unifying and elevating communities. 9SDC develops best-in-class residential and commercial projects that strengthen local communities through a hands-on approach to efficiently move projects from concept through completion. 9SDC specializes in multifamily, mixed-use development, historic renovations, and ground-up construction, with extensive experience in complex redevelopment projects. The team combines thorough upfront planning with market-driven design and disciplined financial analysis to deliver well-executed projects. For further information, visit 9sdc.com. 

About JLAM

JLAM is a boutique real estate investment and development firm founded in 2011. The firm has established a strong track record of creating and investing in differentiated real estate opportunities, combining disciplined investment strategy with hands-on development experience and a focus on long-term value creation. JLAM brings experience across investment, development and project execution, making it a valued partner on complex real estate projects. Since inception, the firm has deployed over $650 million across residential, commercial, and private credit strategies: developing more than 3,000 residential lots, 1,000 multifamily units, and 1 million square feet of commercial real estate. For further information, visit jlamre.com. 

About Pillar Real Estate Partners

Pillar Real Estate Partners is a boutique real estate investment and advisory firm founded in 2025 by Stephen Card and Scott MacGregor, who together bring over 35 years of experience in investment banking, private equity, and real estate. Relationship-driven and thematically focused, Pillar has a flexible mandate, investing opportunistically across sectors and capital structures to capitalize on market and asset dislocation. For further information, visit pillarrep.com. 

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Media Inquiries:
Carrie Danner
cdanner@9sdc.com

Leasing Information:
Blaise Fletcher
blaise.fletcher@jll.com