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Brandywine Sells 22 Properties in Deals Totaling $126M

NEW YORK CITY-The real estate trust disposes of 765,887 sf in non-core assets located in Pennsylvania and New Jersey. The largest sale is a 766,000-sf industrial/flex portfolio that went to Chicago based First Industrial Realty Trust for $38.9 million.

By Glen Thompson | Updated on March 01, 2002

NEW YORK CITY-Brandywine Realty Trust has completed or has signed definitive agreements for the sale of 22 properties comprising 1.4 million sf of office and industrial space. The combined sales will total $126 million and are part of the REITs goal of shedding assets that are not located in core markets or outside its targeted product type of class A office space.

Included among Newtown Square, PA-based Brandywine’s dispositions is 766,000 sf of industrial/flex space spread across 15 buildings on a two-acre site in Bucks County, PA. The portfolio is located in the Metropolitan Industrial Center and Bucks Business Park in Trevose and Langhorne, PA, respectively. Chicago-based First Industrial Realty Trust Inc. paid $38.9 million for the asset. The deal closed Feb. 21.

“The acquisition of Brandywine Realty Trust’s Bucks County industrial portfolio fulfills several of First Industrial Realty Trust’s strategic objectives in the Philadelphia region,” says First Industrial senior investment officer Howard Freeman. “The addition of 766,000 square feet of high quality real estate in two premier business parks establishes a concentration of assets that will enhance our ability to serve our regional tenant base and positions us for further growth through additional acquisitions and/or development activity in this submarket.”

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