Brandywine closes $85M sale of 2 properties

Brandywine Realty Trust closes $85M sale of 2 properties in Trenton, New Jersey

• On 4:32 pm EDT, Friday October 2, 2009

RADNOR, Pa. (AP) -- Brandywine Realty Trust said Friday has closed the sale of two New Jersey properties to an undisclosed private investment group for $85 million.

The properties, 33 West State Street and 50 East State Street in Trenton, N.J., total about 474,000 square feet and were 96.5 percent occupied as of Sept. 30.

Under the terms of the deal, $22.5 million of the total purchase price has been deferred by Brandywine as a 7-year second mortgage loan provided to the buyer.

When the sale closed, Brandywine realized about $62.5 million in cash proceeds.

Brandywine stock closed up 27 cents, or 2.6 percent, at $10.87.