The basis of the federal lawsuit is a right-of-first-offer agreement for a parcel in the State College area.
WILLIAMSPORT-A Lycoming County company that specializes in the development of real estate for the restaurant industry is seeking more than $3.8 million in damages claiming a bank violated a right-of-first-offer agreement with a State College area property.
The agreement, according to the suit, required PIP II to be notified in writing of the bank’s intention to sell the parcel so it had the opportunity to negotiate its purchase. PIP II had developed a Burger King on the land it bought in 2016 and says it had plans for a complementary restaurant on the second site.
Paul Clapps joined A.M.L. beginning in 1996. The two formed Pennsylvania Investment Properties the same year and PIP II in 2008. Both companies have developed restaurant properties throughout Pennsylvania.
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