An affiliate of New York-based residential developer LCOR Inc. has paid Brandywine Realty Trust $7.2 million for 12 acres near the Vanguard Group's corporate campus in Malvern.
Philadelphia-based Brandywine disclosed the transaction this week in a report on its quarterly financial performance, listing it among $459.3 million in property sales this year through the end of August.
Swedesford Square Apartments L/CAL LP acquired the 50 E. Swedesford Square property on Swedesford Road, east of Morehall Road, from a Brandywine affiliate on Sept. 12, according to records filed with the Chester County recorder's office.
LCOR plans 244 apartments within two four-story buildings at the site, along with a 7,000-square-foot "clubhouse" with a fitness center, screening room, and other amenities, according to the website of New York-based BlueGate Partners, which is aiding the developer's search for a joint venture partner on the project.
LCOR's other projects include the 1919 Market apartment building in Center City Philadelphia, which was developed in partnership with Brandywine.
Other transactions disclosed in Brandywine's quarterly report include the pending sales of five office properties encompassing 252,802 square feet on Campus Boulevard in Newtown Square for $42 million, and of the 150,000-square-foot 630 Allendale office building in King of Prussia for $17.5 million.
The report also notes the company's Oct. 13 acquisition of the One Drexel Plaza office building at 3001 Market St. west of 30th Street Station for $35 million. The company plans to renovate the building in the first phase of its Schuylkill Yards redevelopment plan for the area.
The renovation is expected to start during the first three months of 2018, Brandywine chief executive Jerry Sweeney said in a conference call with analysts on Thursday.
Sweeney also discussed the 3000 Market St. building on about one acre that Brandywine acquired for $32 million in July, which now houses the Slainte Pub & Grill on its ground floor.
The property, he said, would be able to accommodate between 700,000 square feet and 1 million square feet of development "at some point in the future."