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Local Buyer Adds to First Avenue Portfolio

KING OF PRUSSIA, PA-The same investor who repositioned 1045 First Ave. buys the 29,234-sf building at 840 First Ave. for nearly $79 per sf.

By Marita Thomas | Updated on August 30, 2007

KING OF PRUSSIA, PA-BSI Realty, which operates from multiple Delaware County locations, has sold the 29,234-sf office building at 840 First Ave. for $2.3 million, which is just shy of $79 per sf. The buyer, identified as 1045 First Ave. Associates, is the same local investor who previously acquired an industrial building at 1045 First Ave.

The newest acquisition is approximately 20 years old and was about 40% leased at the close of the sale, according to Paul Touhey, a senior associate in the Wayne office of CB Richard Ellis. He, CBRE SVP Steve Italiano, and first VP Len Redeyoff represented BSI and were the only brokers in the deal.

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