PHILADELPHIA (April 2, 2007) – AMC Delancey Group, Inc., a Philadelphia-based, leading national real estate investment and development firm, today announced that it has sold its Cedar Run Corporate Center office building to Cherry Hill, N.J.-based SJS Realty Management, Inc. for $9.45 million. The sale is part of AMC Delancey’s corporate strategy shift from owner/operator to provider of equity capital and resources to real estate operating partners. This disposition follows AMC Delancey’s recent sale of its One Montgomery Plaza office building in Norristown and its Gettysburg Village outlet center.
The deal was brokered by Paul Wolfson and Arthur Weisman of NAI Geis Realty.
Located in the King of Prussia, Pa., office submarket, Cedar Run Corporate Center is a 60,000-square-foot, two and one half-story office building that is fully leased. AMC Delancey acquired the building in 2002 and subsequently spent $3 million renovating the property. The renovation included site improvements, a new lobby and common areas, a new HVAC system, sprinklers, restroom upgrades, electrical upgrades and new tenant improvements.
“At the time of the acquisition and renovation, Cedar Run was only 19 percent occupied, but we leased it up at above-market rates to its current 100 percent occupancy during a period of negative absorption in the market,” said Andrew Kleeman, vice president of asset management for AMC Delancey Group. “The leasing success at Cedar Run is based, in part, on its unique California architecture and extraordinary site, which create a tranquility-of-place that is unparalleled in the market. SJS acquired the property due to it being fully leased, completely upgraded, and due to its location in the dominant office submarket of the Philadelphia suburbs.”
Kenneth P. Balin, president and CEO of AMC Delancey Group, added, “This was an opportune time to sell Cedar Run Corporate Center, as managing this type of asset is no longer core to our operating strategy. We will continue to review asset sales opportunities, as we are presently doing with our Cast Iron Building in Philadelphia and our Quality Center shopping center in Lancaster, while simultaneously maintaining our ongoing strategy of seeking strategic operating partners with whom to invest.”
About SJS Realty Management
About AMC Delancey Group
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