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$22M Takes 76,000-SF Office

MT. LAUREL, NJ-Brandywine gets $290 per sf for the asset, which it built a couple of years ago for AAA Mid-Atlantic.

By Eric Peterson | Updated on March 10, 2008

MT. LAUREL, NJ-The 76,000-sf office building at 1400 Howard Blvd. here has been sold for $22 million, which factors out to approximately $290 per sf. The seller was Radnor, PA-based Brandywine Realty Trust; the new owner is Ganci Kentucky Associates LLC, a Providence, RI-based group. Both sides were represented by Joe Sklencar Sr., SVP in the Marlton office of Grubb & Ellis.

“This successful sale illustrates the increasing desire of investors to acquire properties in the Philadelphia region,” says Jerry Sweeney, Brandywine’s president and CEO. “We will continue to sell non-core properties on a selective basis in order to improve the quality of our portfolio and recycle capital into higher-growth development and redevelopment initiatives.”

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