"Marcon has acquired a prime multi-tenanted office building," says a spokesman for GHP. "It provides strong in-place credit cash flow as well as future upside potential from the lease-up of vacant space."
Built in 1986, the three-story asset was 90% leased at the time of sale. Major tenants include New England Life Insurance Co., Vanguard Dealer Services and the law firm Marie Ann Greenberg Esq.
Andrew Greenspan and James Schwartz of GHP Office Realty arranged the deal for seller GHP Two Bridges Delaware LLC, and attorney Michael Lynch of Lynch and Associates was counsel. The buyer was represented by Brad Thoubboron of MRH Real Estate Services Inc. of Lodi.
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