The portfolio is valued at $245.4 million and is 96.4% leased. The valuation represents a cap rate of approximately 7.3%, based on net operating income through Sept. 30, 2007, and 7.9% based on preliminary NOI projections for 2008.
Under the terms of the agreement, with the exception of three buildings, DRA obtains an 80% interest in the portfolio, and Brandywine retains a 20%-share and also continues to manage and lease the properties. In the exceptions, which aggregate 202,373 sf Allentown, Brandywine sold an 89% interest and retains 11%.
The portfolio includes nine buildings in Horsham aggregating 318,137 sf, six in Fort Washington aggregating 457,913 sf and three in Bensalem with an aggregate of 167,280 sf. The 11 Allentown assets aggregate 672,897 sf. Robert Fahey in the Philadelphia office of CB Richard Ellis represented Brandywine in marketing the portfolio.
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