Steven Sadler, managing director of RE Value Advisors, tells GlobeSt.com, "Central Pennsylvania is a strong, what we call blocking and tackling market. It's not that glamorous, but it's steady and growing. This represented a good opportunity for us. We know the seller to be a good owner and manager."

He says his company will split the portfolio. "We'll maintain a 20% interest in the Camp Hill and Lewisberry properties in partnership with a syndicate of tenant-in-common investors and sell the Mechanicsburg building to an investor syndicate." Of the Middleton property, he says, "it is now 100% leased to the Pennsylvania Lottery, which is leaving for a build-to-suit this summer.

"The lottery required a strange interior configuration," he says. "We'll invest to reposition the asset and re-tenant it." Sadler expects it will be a multi-tenant facility, although it could go to a single tenant, and estimates the rent rate at about $4.50 per sf. The other properties will receive minimal spruce-ups.

The sale "significantly advances AMC Delancey's goal of divesting all self-managed 'legacy' assets in favor of investing with operating partners in value-added strategies across multiple real estate classes," Balin says. As GlobeSt.com previously reported, the company recently sold the Gettysburg Village Outlet Center, One Montgomery Plaza in Norristown, and Cedar Run Corporate Center in King of Prussia.

He says just four legacy properties remain. Of those, one is under contract to sell in May, another is listed and still another is ready to be listed. It will keep the fourth. "We've outsourced the management of three," he says. "We're now in a good position to be a good partner and capital provider in other ventures."