Brandywine Realty (BDN) Belief introduced the completion of two vital gross sales inside three way partnership portfolio: 4040 Wilson, a mixed-use improvement in Arlington, VA, and the Dabney and Brittons Hill portfolio in Richmond, VA. These transactions yielded mixed gross sale proceeds of $265.8M, advancing Brandywine’s strategic goals to enhance its aggressive place, scale back ahead capital commitments, and generate incremental liquidity for future investments. 4040 Wilson, positioned in Arlington’s Ballston submarket, was bought for $190.5M. The property has 405,000 sq. toes of workplace, retail, and residential house, in addition to 494 parking areas. 4040 Wilson was 96% leased and 94% leased on the time of sale. The Dabney and Brittons Hill portfolio, representing 14 industrial/flex buildings totaling 643,000 sq. toes, was bought for $66.8M, producing roughly $15.5M of web proceeds to Brandywine for its 50% possession curiosity. In reference to the sale, Brandywine bought an 11-acre land parcel working below a long-term parking lease valued at $8.5M. The belongings have been totally leased at closing. Along with beforehand disclosed asset gross sales, the Firm has generated product sales proceeds of roughly $310M and $191M of web money proceeds. The proceeds from these transactions will additional strengthen Brandywine’s stability sheet and help reinvestment in strategic initiatives that align with the corporate’s imaginative and prescient and market technique.
Printed first on TheFly – the final word supply for real-time, market-moving breaking monetary information. Attempt Now>>
See the highest shares really useful by analysts >>
Learn Extra on BDN:
