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 the building would command about $40 per sfand estimate that AMC paid between $9.5 million and $11million.

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