With the passing of one partner, Rubenstein determined that since cap rates for sales are attractive, and warehouse and logistical center property is in demand, it was a good time to sell, says Mandelbaum Salsburg attorney Owen Hughes.

A long-term lease commitment from the University of Kansas Health System spurred the sale.

The facility is close to PA Route 33, I-78, and I-80, the main highways to the ports of New York/New Jersey and the MSAs of New York and Philadelphia.

Rugby Realty's Maurice Ades says the company's expectation of strong growth in Lyndhurst was borne out by the sale to Gramercy/Blackstone.