PHILADELPHIA — Buccini Pollin Group bought Five and Six Executive Campus, an office complex in Cherry Hill for $17.6 million.
Brandywine Realty Trust of Radnor sold the two buildings, which total 167,500 square feet. Five Executive, which sits at Kings Highway and Harvard Avenue, totals 67,500 square feet, while Six Executive, at 1112 S. Union Ave., is 100,000 square feet. Brandywine made extensive upgrades to the properties, one of which was built in 1978; the other in 1982. The buildings sit near the redevelopment of the Garden State Park racetrack site, where new residential and retail development is under way, making it an attractive buy for Buccini Pollin of Wilmington.
Cushman & Wakefield arranged the transaction.
Downtown apartment sale
A portfolio of five apartment buildings with 36 units sold for $3.65 million. Each built in the late 19th or early 20th century, the buildings are: 2205 Walnut St., 2213 Walnut St., 126 S. 22nd St., 914 Pine St., and 1331 Pine St. The undisclosed seller sold the properties to New Hope Real Estate, a real estate investment firm from North Jersey, said Ruth Lief Miller, a broker with Mallin Panchelli Nadel, who arranged the sale.
“People who own apartments are having a ball since apartments are doing much better than condos,” Lief Miller said.
The new owners intend to renovate the units and hold them for the long term.
New to you
Liberty Property Trust completed a $2 million renovation of 460 Swedesford Road, a 76,378-square-foot building in Wayne.
The Malvern real estate investment trust made interior and exterior improvements including a new entrance plaza, a curtain wall in the three-story atrium lobby with a ceremonial staircase and a 25-foot decorative mobile as well as renovating restrooms, elevator lobbies, corridors, artwork and lighting. One of its tenants, Schneider Capital, is adding 3,567 square feet, bringing its total to 11,440 square feet. In all, 40,500 square feet is vacant and available for lease.
Natalie Kostelni, Reporter
Philadelphia Business Journal