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Rreef Picks Up 128,666-SF Brandywine Asset

NEWTOWN, PA-A source familiar with the transaction says Rreef paid nearly $16.2 million for the 87,713-sf flex and 40,953-sf office buildings in Newtown Commons.

By Marita Thomas | Updated on January 05, 2007

NEWTOWN, PA-On behalf of an institutional client, Rreef has acquired two buildings aggregating 128,666 sf at 105 and 140 Terry Dr. in Newtown Commons Business Park from Radnor-based Brandywine Realty Trust. The price is undisclosed; although on condition of anonymity, a broker familiar with the transaction tells GlobeSt.com the properties traded for nearly $16.2 million.

The sale includes an 87,713-sf flex building, which has approximately 80% of office space finish, and a 40,953-sf office building. They are located on 14.7 acres.

The buildings were completed in 1988, and the total asset is currently 93% leased. According to the broker, the average asking rent rates are approximately $18 per sf, plus electric for the office space and about $11 per sf, triple net for the flex space.

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