The deal was brokered for both sides by Geoffrey Schubert,senior vice president of CB Richard Ellis in Saddle Brook, NJ.According to Schubert, the sale carried a cap rate of 8.8%. The twobuildings had been in the portfolio of the Jenkintown, PA-basedPitcairn for less than two years: As reported by, thatcompany had acquired the assets in late 2005 from TranswesternGreenbrook for an undisclosed price in a transaction similarlybrokered by Schubert.


"The buildings are strategically located in the I-78/287submarket and offered our venture upside investment potential,"says Michael Taylor, SVP in the Parsippany, NJ office of theDallas-based Lincoln Property Co. According to Taylor, Lincoln'splans include an upgrade of the buildings' entrances, signage andlandscaping. Built in 1980 and 1981, the two buildings were lastrenovated in 2004, not long before Pitcairn brought them into itsportfolio.


Mount Airy Corners III and IV combined were approximately 60%leased at the time of sale, with the available space listed with anasking price of $25.50 per sf plus tenant electric. The space isbeing marketed for Lincoln in-house by Rick Genthe, the company'svice president of leasing. The buildings' availabilities aredivisible to units as small as 2,500 sf, ranging up to a full floorof 26,000 sf. The latter availability is in the 188 Mt. Airy Rd.building.


Current tenants in the 180 building include Lightspeed Research,the DRSI Group, Vioquest Pharmaceuticals and the Ultimate Juice Co.The 188 building roster includes First National of America andHartford Steam Boiler.

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