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AMC Delancey Sells One, Buys One

MACUNGIE, PA-In pursuit of expansion in central Pennsylvania, AMC picks up the 270,000-sf Lehigh Consumer Products warehouse/industrial building and disposes of a non-core 30,000-sf property in suburban Philly for $2.5 million.

By Marita Thomas | Updated on October 27, 2003

MACUNGIE, PA -Following its acquisition this June of 12 Harrisburg properties, locally based AMC Delancey Group bought another in the area. In a sale/leaseback agreement, it acquired the 270,000-sf Lehigh Consumer Products Building here.

In a separate transaction, AMC sold the Exton Professional Building, a 30,000-sf office property, now deemed non-core, which it acquired in 1997. The buyer, J&K Partnership, paid just under $2.5 million, or about $82 per sf.

Michael Wachs, AMC’s VP of acquisitions, says of the sale, “despite the entire market’s high vacancy rates,” his company “was able to take advantage of an extremely low cap rate of 8.1%, providing the buyer with low interest rates and the opportunity for expansion.”

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