Ironstone Village bought the property as part of a 1031 tax-freeexchange. "This was an ideal investment opportunity for a privateinvestor with a 1031 requirement," says Michael Blunt, SVP with CBRichard Ellis' Philadelphia Regional Investment PropertyInstitutional Group, who orchestrated the deal along with EVPsMichael Hines and Robert Fahey.

"The building contains a diversified rent roll with strongtenant credit and a minimal lease rollover in the first threeyears," Blunt says. That rent roll is a multi-tenant mix ofprofessional, financial, government and medical firms andorganizations, CHA/CHAN, Exam One, Cardiac Care Specialists and theUS Food and Drug Administration among them. At the time of closing,the property was 98% leased, with a pending lease for the remainingvacant space of approximately 1,100 sf, according to Blunt.

Completed in 1986, the three-story building is situated at theintersection of Haddonfield-Berlin and Laurel Oak Roads. The siteis located near several hotels as well as the Echelon Mall, which iscurrently being redeveloped by Pennsylvania Real Estate InvestmentTrust.