Situated just off the Rte. 32 /Rte. 29 intersection, thesingle-story office/R&D buildings are located at 8300, 8310,8320, 8325 and 8335 Guilford Rd., and 10200, 10220, 10240 and 10260Old Columbia Rd. The portfolio, called Rivers Corporate Center, is93% leased to such tenants as United Healthcare, Data DirectNetworks, Applied Data Systems, Staples, Celsion Corp., Segami andSt. Agnes Healthcare.

Schline tells GlobeSt.com that the approximate 25-year-oldportfolio traded at a 7% cap rate on in place income--in line withthe cap rate that would have been expected before the start of thedebt crisis last August, when the portfolio was first evaluated forsale. The deal went to market in Q4 2007; the seller received 11offers from several investors, including pension fund advisors,REITS and private investors.

The buyer is likely viewing the portfolio as a "core plusconsolidation play," he says. The deal closed with the portfolioleased at 93%; however when it went under contract it was leased at87%. A tenant had decided to exercise its renewal option, but thespace was able to be quickly released in the interim, Schlineexplains. Manekin VP George Santos and sales and leasingrepresentative Ted Swingle will continue to serve as leasing agentsfor the project.