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