Wednesday, February 1, 2012

Tequesta Properties Buys Two NJ Buildings from REIT Brandywine for $22.8M

"Marlton, NJ-based Tequesta Properties, Inc. has acquired Five Greentree and 30 Lake Center, two Marlton office buildings totaling 206,243 square feet, from Brandywine Realty Trust for $22.8 million.

Five Greentree Centre is a 165,956-square-foot, four-story office building located at 525 West Lincoln Drive in the Greentree Corporate Centre. 30 Lake Center Drive is a 40,287-square-foot, single-story office building located at 30 Lake Center Executive Parkway in the Lake Center Executive Park. Both buildings were developed in 1986 and are situated off route 73.

Tequesta has grown its southern New Jersey office portfolio to six buildings totaling 395,000 square feet. In late 2010, the firm purchased 8000 Lincoln Drive, One Greentree Centre at 9000 Lincoln Drive, Two Greentree Centre at 10,000 Lincoln Drive and 10 Lake Center Drive from Brandywine, all commercial buildings in Marlton.

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