X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.