The deal was brokered for both sides by Geoffrey Schubert, senior vice president of CB Richard Ellis in Saddle Brook, NJ. According to Schubert, the sale carried a cap rate of 8.8%. The two buildings had been in the portfolio of the Jenkintown, PA-based Pitcairn for less than two years: As reported by GlobeSt.com, that company had acquired the assets in late 2005 from Transwestern Greenbrook for an undisclosed price in a transaction similarly brokered by Schubert.

"The buildings are strategically located in the I-78/287 submarket and offered our venture upside investment potential," says Michael Taylor, SVP in the Parsippany, NJ office of the Dallas-based Lincoln Property Co. According to Taylor, Lincoln's plans include an upgrade of the buildings' entrances, signage and landscaping. Built in 1980 and 1981, the two buildings were last renovated in 2004, not long before Pitcairn brought them into its portfolio.

Mount Airy Corners III and IV combined were approximately 60% leased at the time of sale, with the available space listed with an asking price of $25.50 per sf plus tenant electric. The space is being marketed for Lincoln in-house by Rick Genthe, the company's vice president of leasing. The buildings' availabilities are divisible to units as small as 2,500 sf, ranging up to a full floor of 26,000 sf. The latter availability is in the 188 Mt. Airy Rd. building.