RADNOR, PA—Brandywine Realty Trust, continuing with its previously announced strategy of selling non-core properties, says it sold a 137-room hotel in Conshohocken, PA, not far from its corporate headquarters in Radnor, and two office properties in Austin, TX.

Last month, in separate transactions, as reported by GlobeSt.com, Brandywine announced the sale of Cira Square, its redevelopment of the former main US Post Office building in Philadelphia, to Korean Investment Management Co., a Korean property investment firm, the refinancing of One Commerce Square in Philadelphia, and the sale of six office properties in nearby Mount Laurel, NJ.

In the most recent announcement, Brandywine sold its Encino Trace, a recently completed development of two office properties in Austin, TX, to an existing joint venture between Brandywine and DRA Advisors. Brandywine says it retains 50 percent ownership in the joint venture. The sale values the project at $91.3 million, or $285 per square foot, at stabilization. The transaction closed on December 31, 2015. At the time of sale, Brandywine had incurred project costs totaling $76.7 million. The joint venture will fund the remaining costs, Brandywine says. The two properties have 320,000 square feet of space. Encino Trace I is 100 percent leased and Encino Trace II is 17 percent leased. After closing costs and transaction costs, Brandywine says it will receive net proceeds of $35.9 million.