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by CareyBot

Thomas Properties Group Inc. has sold Valley Square Office Park, a 293,936-square-foot office campus in Bell, Pa., a suburb of Philadelphia. The value of the transaction was $42.5 million. Rockville, Md.-based developer Bresler & Reiner Inc. purchased the five-building property, which was 87 percent leased at the time of sale. Thomas Properties Group, through TPG/CalSTRS, its joint venture with California State Teachers' Retirement System, acquired the property in March 2005 and subsequently invested over $1.4 million in a host of renovations. "We have a significant presence in Philadelphia and are an active owner and developer of commercial real estate in both Center City and key suburban sub-markets. With the sale of Valley Square we have realized our first promoted interest in ou...