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BALA CYNWYD, PA-Philadelphia-based Amerimar Enterprises Inc. has acquired Bala Pointe Office Centre, a 173,000-sf office property at 111 Presidential Blvd. The price, according to Douglas Joseph, first VP in the Philadelphia office of CB Richard Ellis, "is approximately $35 million," which translates to slightly more than $202 per sf.
The seller is Radnor-based Brandywine Realty Trust, which retained a CBRE team headed by Joseph to market the property. Its other members were Mike Hines and Robert Gahey, both CBRE SVPs. They procured the buyer and were the sole brokers in the transaction. Jerry Sweeney, Brandywine's president and CEO, previously discussed plans to "selectively sell non-core Metro Philadelphia-area assets."
Bala Pointe lies just north of the Philadelphia city line, which makes this one of the most desirable submarkets in the area. "It's seven minutes from Center City where there's a supply-constrained amount of space," Joseph says. The building is currently 93% leased. The largest tenant is Clear Channel Radio with nearly 65,000 sf. According to second-quarter data from the Philadelphia office of Jones Lang LaSalle, the average asking rental rate for class A office space here is $30.32 per sf, the highest of all suburban markets.
The building was completed in 1970. During the 1990s, Brandywine invested approximately $6 million to renovate the asset, Joseph tells GlobeSt.com. According to a statement, Brandywine will use the proceeds from this and a major disposition in Dallas to invest in "higher-growth areas" it considers "strategically significant." As GlobeSt.com previously reported , this month the company acquired two office assets outside Washington, DC in Herndon, VA for $154 million.
Joseph says Denver-based Dividend Capital is Amerimar's equity partner in the acquisition. A call to Amerimar was not returned by deadline. Its other Philadelphia-area assets include 1518 Walnut St., 1500 Spring Garden St. and 230 S. Broad St.
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