April 24, 2007

Written by Chris Kirk

AMC Delancey Sells Class A Office at 901 E. 8th
SJS Realty Management Buys Cedar Run Corporate Center for $9.45M

AMC Delancey Group Inc. sold the Cedar Run Corporate Center to SJS Realty Management Inc. for $9.45 million, or nearly $160 per square foot. The Class A, 59,130-square-foot office building is at 901 E. 8th Ave. in King of Prussia.

Cedar Run Corporate Center was constructed in 1973 and renovated in June of 2002. AMC Delancey Group Inc. invested $3 million in renovations. Cedar Run Corporate Center was 19% occupied when it was acquired in 2002 and sold at 100% occupancy at the time of this acquisition by SJF Realty Management Inc.

"The leasing success at Cedar Run is based, in part, on it's unique California architecture and extraordinary site, which create a tranquility-of-place that is unparalleled in the market," said Kenneth P. Balin, president and CEO of AMC Delancey Group. "SJS acquired the property due to it being fully leased, completely upgraded, and due to its location in the dominant office submarket of the Philadelphia suburbs."

Paul Wolfson and Arthur Weisman of NAI Geis Realty Group Inc. represented AMC Delancey Group. SJS Realty Management Inc. was self-represented.