Situated just off the Rte. 32 /Rte. 29 intersection, the single-story office/R&D buildings are located at 8300, 8310, 8320, 8325 and 8335 Guilford Rd., and 10200, 10220, 10240 and 10260 Old Columbia Rd. The portfolio, called Rivers Corporate Center, is 93% leased to such tenants as United Healthcare, Data Direct Networks, Applied Data Systems, Staples, Celsion Corp., Segami and St. Agnes Healthcare.

Schline tells GlobeSt.com that the approximate 25-year-old portfolio traded at a 7% cap rate on in place income--in line with the cap rate that would have been expected before the start of the debt crisis last August, when the portfolio was first evaluated for sale. The deal went to market in Q4 2007; the seller received 11 offers from several investors, including pension fund advisors, REITS and private investors.

The buyer is likely viewing the portfolio as a "core plus consolidation play," he says. The deal closed with the portfolio leased at 93%; however when it went under contract it was leased at 87%. A tenant had decided to exercise its renewal option, but the space was able to be quickly released in the interim, Schline explains. Manekin VP George Santos and sales and leasing representative Ted Swingle will continue to serve as leasing agents for the project.