(Read more on the industrial market.)

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NORTH BRUNSWICK, NJ-Pantheon Properties has added thefour-building industrial and office campus at 1980 Route 1 here toits portfolio for an undisclosed price. The New York City-basedPantheon is picking up the complex, which totals 250,000 sf on 26acres, from its long-time owner/user, the Vertis Direct MarketingServices subsidiary of Baltimore-based Vertis CommunicationsInc.

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“In the midst of this recent cycle of credit upheaval, we feelwe're in a position that enables us to be closing deals onproperties of value,” says Ken Cohen, CEO and founder of Pantheon.“This represents the first of what will be several significant andstrategic acquisitions, and reflects the confidence we have inreaching our short- and long-term growth goals.”

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The deal also marks the initial acquisition for Pantheon underthe joint venture agreement the company recently completed withPrincipal RealEstate Investors. Going forward, the partners are targetingthe acquisition of approximately $400 million in value-added,industrial/flex properties in the Northeast and Mid-Atlanticregions.

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And the Vertis subsidiary is set to stay on-site in the wake ofthe sale. As part of that sale, the company has signed a partialsale-leaseback for two of the four buildings, amounting toapproximately 134,000 sf. The combined sale-leaseback transactionswere orchestrated by Mindy Lissner and Gil Hutzler, both SVPs of CBRichard Ellis.

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The remaining two buildings being vacated by Vertis are beingmodernized with what Cohen terms, “a comprehensive improvementprogram, in anticipation of a new tenant.” Lissner is handling themarketing of the property.

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And that availability consists of primarily of a 105,000-sfwarehouse with 30-foot ceilings. It's available either as astand-alone property, or in conjunction with a separate, 11,250-sfoffice building adjacent to it. The two buildings will be availablein Q1 of 2008, according to Cohen.

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The campus has been occupied for more than 30 years by theVertis subsidiary and its predecessor company, Webcraft. VertisDirect Marketing Services provides a variety of integratedmarketing and advertising services.

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