PLYMOUTH MEETING, PA-Chesterbrook, PA-based Fox Cos./RJRA Associates LP sells Citizens Gateway Center, a class A, 83,840-sf office building, to Hilton Realty for an undisclosed price. On condition of anonymity, two area brokers tell that, given the quality of the tenants and the location, the price was probably between $17 million and $19.5 million, or well in excess of $200 per sf.

Over the past six months, two office properties in the Plymouth Meeting and King of Prussia submarkets, which were not fully leased, commanded prices of between $190 per sf and $195 per sf.

Citizens Gateway Center is 100% leased to two credit-worthy tenants, Citizens Bank and McDonald’s Corp. It is a three-story building located at 3025 Chemical Rd., at the intersection of the Pennsylvania Turnpike, I 276, and the Blue Route, I 476. Jim Vesey, senior director of the Philadelphia office of Cushman & Wakefield, represented the seller in the transaction.

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