Cheap debt has become the lifeblood of the commercial real estate capital markets, but the caution signs ahead should not be disregarded.

Orange County has continued to add jobs this year, fueling office leasing activity, but job growth is slowing in the market.

The deal for the portfolio secures the Boston-based firm gross proceeds of approximately $113.5 million. The properties are 100% leased to seven tenants. The portfolio was acquired by Exeter Property Group of Conshohocken, PA.

The company announced earlier this year its plan to sell all 26 of its American Golf-owned properties and expects to generate nearly $175 million in capital from the sales.