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CHADDS FORD, PA-A private real estate holding corporation has acquired Summit at Brandywine, a three-story, class A office building, for $2.2 million, or just over $117.33 per sf. The sale includes the 18,750-sf building at 1786 Wilmington Pike, which was completed in 2003, and a fully developed 10.6-acre business park.

Steve Italiano and Dan Reeder of the Wayne office of CB Richard Ellis represented the owner, a private real estate investment group, G. Rullo et al. The buyer takes its name from the name of the building.

Italiano says Summit at Brandywine acquired the property for its own use, but plans to offer approximately 10,000 sf of office space for lease. According to a first-quarter 2005 report from the Philadelphia office of CBRE, the average asking rental rate for class A office space in Delaware County is $23.20 per sf.

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