Wednesday, Brandywine Realty Trust (BDN) said it closed the sales of a portfolio of five properties in Oakland, California to an affiliate of the CIM Group for $412.5 million, including assumption of debt. The company intends to use the proceeds of the sale to repay a revolving credit facility and for general corporate purposes.
Cash proceeds from the sale were $269.4 million, net of assumed debt, seller financing and customary closing adjustments.
The buyer assumed three mortgage loans with a total value of $95.3 million and a $40.0 million interest free loan from Brandywine. The company provided the buyer with a 15-year purchase option for a part of the commercial area and committed to lease to the buyer 150 parking spaces for tenants. Nearly $2.9 million of the purchase price has been allocated for the imputed interest on the interest free loan and $0.5 million has been allocated for the value of the purchase option.
The cumulative area of the Oakland property portfolio was about 1.7 million net rentable square feet and comprised office properties and condominium interest in a parking garage at 2353 Webster Street.
Earlier this month, The Radnor, Pennsylvania-based real estate investment firm sold a 420,575 square foot office building in Richmond, Virginia for $48.8 million. Proceeds from the sale were used to repay the revolving credit facility. Net of customary closing adjustments and transaction costs, cash proceeds from the sale were $48.1 million.
BDN is currently trading at $11.05, up $0.21 or 1.92%, on a volume of about 3.24 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.