The seller was the Dallas-based Invesco. The deal was brokeredon behalf of the seller by SVP Michael Blunt and EVPs Michael Hinesand Robert Fahey of the Philadelphia Region's CB Richard EllisInvestment Property-Institutional Group.
The asset is one of four buildings that make up the ColwickBusiness Center, and the latest sale gives the Iselin, NJ-basedBergman complete control of the campus. As reported by GlobeSt.com, thecompany acquired the other three buildings in 2006 from NewYork-based Praedium Group and Bala Cynwyd, PA-based Endurance RealEstate.
The three buildings sold earlier total 171,000 sf, and the saleprice of $22.4 million worked out to $131 per sf. The CBRE brokertrio orchestrated that earlier sale as well. Praedium and Enduranceonly had an 18-month hold on the building, having acquired them inlate 2004 for $15.2 million.
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