The sole broker of the deal was Grubb & Ellis, with Carl Neilson of the firm's Philadelphia office and David Dolan and Joe Sklencar Sr. of the firm's South Jersey office handling the details. The sale price factors out to just under $105 per sf.
The building is currently 100% leased to four tenants, led by Acsis Inc., a supply chain automation firm that uses the site as its world headquarters. Also on the roster is SLM Financial Corp., a unit of Sallie Mae.
"Several of the leases offered longer terms with good credit," Sklencar says. "This circumstance was very attractive to a number of investors. The property's strong cash flow and debt-free status allowed SJS to create a capital structure with great leveraged returns."
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