$15M Takes Two Offices for Lincoln

BASKING RIDGE, NJ-Lincoln Property Co. has teamed up with Cronus Capital, the New York-based investment firm, to buy Mount Airy Corners III and IV from Pitcairn Properties. The two class A office buildings, located on 11 acres at 180 and 188 Mt. Airy Rd. respectively, total 104,000 sf and traded for a reported $15.4 million, or approximately $150 per sf.

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.