Brandywine Realty Trust Achieves Significant Milestone with Joint Venture Portfolio Sales
Strategic Objectives Take Center Stage
In a major breakthrough, Brandywine Realty Trust has successfully completed the sale of two prominent assets within its joint venture portfolio, yielding a combined gross sale proceeds of $265.8 million. This milestone achievement aligns with the company’s strategic objectives to enhance its competitive position, reduce forward capital commitments, and generate incremental liquidity for future investments.
Mixed-Use Development in Arlington, VA, Fetches $190.5M
The 4040 Wilson mixed-use development in Arlington’s Ballston submarket has been sold for $190.5 million. This prized asset boasts 405,000 square feet of office, retail, and residential space, accompanied by 494 parking spaces. At the time of sale, the property was 96% leased and 94% occupied.
Industrial/Flex Portfolio in Richmond, VA, Sold for $66.8M
Meanwhile, the Dabney and Brittons Hill portfolio, comprising 14 industrial/flex buildings totaling 643,000 square feet, has been sold for $66.8 million. Brandywine’s 50% ownership interest in the portfolio generated approximately $15.5 million in net proceeds. Additionally, the company sold an 11-acre land parcel operating under a long-term parking lease valued at $8.5 million. The assets were fully leased at closing.
Cumulative Impact of Asset Sales
When combined with previously disclosed asset sales, Brandywine Realty Trust has generated gross sales proceeds of approximately $310 million and $191 million of net cash proceeds. These proceeds will significantly strengthen the company’s balance sheet, supporting reinvestment in strategic initiatives that align with its vision and market strategy.
A Stronger Balance Sheet Paves the Way for Future Growth
The successful completion of these transactions demonstrates Brandywine Realty Trust’s commitment to executing its strategic plan. With a bolstered balance sheet, the company is well-positioned to pursue opportunities that drive long-term growth and value creation for its stakeholders.
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