Preferred Seeks Buyer for 5M-SF, 32-Building Portfolio

CONSHOHOCKEN, PA-In what would be a sale of unprecedented size in Greater Philadelphia, locally based Preferred Real Estate Investments hired the Washington, DC office of Trammell Crow Co. to seek a buyer for 32 of its 47 properties, ideally in one fell swoop. Bruce Strasburg is heading the TCC marketing team, according to Rob Florig, Preferred’s marketing director.

The properties, primarily office parks, have an aggregate of 5.5 million sf, Florig tells GlobeSt.com. This represents about two thirds of Preferred’s current approximately 8.7 million sf of total space.

“A price has not been established,” says Michael O’Neill, founder and chairman. Area real estate executives speculate, on condition of anonymity, that the portfolio would command between $800 million and $900 million. “Ideally, the portfolio would sell to a single buyer,” O’Neill says, adding, “that’s our intention.”