Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-based GMH Capital Partners represented the sellers that Tourtellotte says are separate Texas-based companies with some related principals. "We could have marketed the properties separately, but found a single buyer for both," he says.

ITW Mortgage Investments III sold Northwest Business Center, which consists of two single-story buildings with an aggregate of 133,240 sf. It sold for nearly $9.3 million, or $69.42 per sf. The complex, located on 10.4 acres, was constructed in 1985, and is approximately 77% leased. Tourtellotte tells GlobeSt.com the current rent rates cover a broad range from about $7 per sf to $11 per sf, "depending on the fit-out and characteristics of each suite. I can't speak for the new owner's anticipated rates," he adds.

Fair Oak LLC sold West Meadows Business Park, a five-building complex on 12.8 acres with an aggregate of 153,915 sf, for just shy of $6.7 million, or $43.21 per sf. "The buildings were constructed between 1988 and 1990," Tourtellotte says, "and were 68% occupied at the time of the sale." Current rent rates range between $3.50 per sf and $9.50 per sf.