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AMC Delancey Sells 60,000-SF Cedar Run

KING OF PRUSSIA, PA-SJS Realty Management pays nearly $9.5 million for the 60,000-sf office building, which the seller acquired and upgraded in 2002.

By Marita Thomas | Updated on March 29, 2007

KING OF PRUSSIA, PA-In continuing its shift from owner/operator to a provider of equity in partnerships, Philadelphia-based AMC Delancey Group Inc. has sold Cedar Run Corporate Center for nearly $9.5 million, which translates to $157.50 per sf. The buyer is Cherry Hill, NJ-based SJS Realty Management Inc.

AMC Delancey acquired the 60,000-sf office building for $4.9 million in 2002 and subsequently invested $3 million in renovations, which included new HVAC, sprinklers, lobby and common areas, and other improvements. Cedar Run was just 19% occupied when AMC Delancey acquired it.

Following the renovations, “We leased it up at above-market rates to its current 100% occupancy during a period of negative absorption in the market,” says Andrew Kleeman, VP of asset management. He tells GlobeSt.com the company secured rates “in the low- to mid-$20s per sf when the market was at a few dollars less.”

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