With the sale, Randall L. Scott, EVP of Thomas, who heads its Philadelphia office, tells GlobeSt.com, "we exceeded the objective we'd established with CalSTRS." On invested equity of $2.3 million, the transaction resulted in a gain of approximately $3.7 million to Thomas Properties Group, including an approximate $600,000 promoted interest, or bonus. "We continue to have a significant presence in Philadelphia." Doug Joseph, first VP in the Philadelphia office of CB Richard Ellis, represented Thomas.
Bresler & Reiner also has a significant presence in the Philadelphia suburbs with assets in Fort Washington, Trevose, Doylestown, Exton and Plymouth Meeting. Of the Valley square acquisition, Sidney Bresler, CEO, tells GlobeSt.com, "we're a publicly traded company, and I don't want to comment beyond what Thomas has said."
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