South Jersey's Greentree V Sells for $20M

MARLTON, NJ-Brandywine Greentree V LLC, an affiliate of the Plymouth Meeting, PA-based Brandywine Realty Trust, has acquired the 164,000-sf Greentree V office building here. The seller of the asset, which was built in the late 1980s by the LinPro Co., was 485 Properties LLC, an affiliate of Teachers Insurance and Annuity.

Grubb & Ellis’ Philadelphia office put the deal together, with Carl Neilson, vice president of the firm’s investment group, and Anne Klein, vice president of the office group, handling it. The four-story building traded for the contract sale price of $19.6 million, which factors out to just under $120 per sf. The sale also includes a one-story, 5,400-sf restaurant pad.

Gerard H. Sweeney, president and CEO of Brandywine, terms the asset “a strong, value-added opportunity.” The value-added aspect owes to the fact that the departure of its major tenant, MedQuist, will reduce the building’s occupancy to about 58%. MedQuist is relocating to another Brandywine property, 1000 Bishops Gate in Mt. Laurel, NJ.