(Read more on the industrial market.)

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PLYMOUTH MEETING, PA-Exeter Properties Group, a new privateequity fund based here, has acquired two warehouse properties foran aggregate of $7.1 million. One is a 41,000-sf building at 2150Cabot Blvd. in the Bucks County Business Park in Langhorne, and theother is a 70,000-sf facility at 804 E. Gate Dr. in the East GateCorporate Center in Mt. Laurel, NJ.

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Both properties are 100% leased. Exeter paid $3.4 million, or$82.93 per sf, for the Langhorne property. The tenants are HydnogelDesign Systems and American Trans Freight. The seller, identifiedas 2150 Cabot Ltd. Liability Corp., is a private real estateinvestment entity, according to Richard Smith, principal of FortWashington-based Avir Realty Group Inc.

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Smith represented Exeter and the sellers in both transactions.The price tag for the Mt. Laurel property was $3.7 million, or$52.86 per sf, in an off-market transaction. The seller is FivePoints Associates, which Smith says is a private individual.Interline Brands occupies all of the building.

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Smith tells GlobeSt.com Exeter is headed by Ward Fitzgerald,president. "These acquisitions are just the beginning for theseinvestors," Smith says. The $300-million fund has capital capacityin excess of $1 billion, according to Smith, and is targetingvalue-add big box warehouse, multi-tenant industrial and flexproperties throughout the Eastern and Mid-South regions of theUS.

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