LAWRENCEVILLE, NJ- Brandywine Realty Trust has signed a contract to sell the Princeton Pike Corporate Center here for $121 million, as part of a continuing shift out of New Jersey and toward a more urban and transit-oriented portfolio with better growth potential.
The buyer was not identified.
"The sale of Princeton Pike reduces New Jersey's contribution to just 5.5% of overall company revenues,” said Gerald H. Sweeney, president and CEO of Brandywine in a release.
He said the REIT ended 2012 as a $97.7 million net seller, which was in line with the company's goals.
Sweeney said that recent acquisitions in Philadelphia and Austin, TX, reflect moves toward “value creation, market positioning and pricing below replacement costs.”
The eight-building, 800,546-square-foot Princeton Pike Office park will trade for $151 per square foot. The sale is expected to close within the next thirty days, and Brandywine says proceeds will go entirely to retiring existing debt.
The buyer has been granted a seven-and-a-half year option to acquire three remaining development parcels in the park.
In Philadelphia, Brandywine recently acquired 1900 Market Street, a central business district office building for $34.8 million.
In Austin it acquired an office complex, 7000 West at Lantana, for $32.1 million.
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