In a separate transaction, AMC sold the Exton ProfessionalBuilding, a 30,000-sf office property, now deemed non-core, whichit acquired in 1997. The buyer, J&K Partnership, paid justunder $2.5 million, or about $82 per sf.

Michael Wachs, AMC's VP of acquisitions, says of the sale,"despite the entire market's high vacancy rates," his company "wasable to take advantage of an extremely low cap rate of 8.1%,providing the buyer with low interest rates and the opportunity forexpansion."

The price paid for the 100%-leased Lehigh property isundisclosed. Brokers operating in the Lehigh Valley industrialmarket tell GlobeSt.com the building would command about $40 per sfand estimate that AMC paid between $9.5 million and $11million.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.