NAI Geis Brokers sale for AMC Delancey Group's Cedar Run Corporate Center for $9.5 million

PHILADELPHIA, PA – AMC Delancey Group, Inc. has sold its Cedar Run Corporate Center office building to Cherry Hill, NJ based SJS Realty management, Inc. for $9.45 million.

The deal was brokered by Paul Wolfson and Arthur Weisman of NAI Geis Realty.

Located in the King of Prussia office submarket, Cedar Run Corporate Center is a 60,000 s/f, two and one half-story office building that is fully leased. AMC Delancey acquired the building in 2002 and subsequently spent $3 million renovating the property.

“At the time of the acquisition and renovation, Cedar Run was only 19% occupied, but we leased it up at above market rates to its current 100 percent occupancy during a period of negative absorption in the market,” said Andrew Kleeman, VP of asset management for AMC Delancey Group. “The leasing success at Cedar Run is based, in part, on its unique California architecture and extraordinary site, which create a tranquility-of-place that is unparalleled in the market. 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.”

Kenneth Balin, President and CEO of AMC Delancey Group, added, “This was an opportune time to sell Cedar Run Corporate Center, as managing this type of asset is no longer core to our operating strategy. We will continue to review asset sales opportunities, as we are presently doing with our Cast Iron Building in Philadelphia and our Quality Center shopping center in Lancaster, while simultaneously maintaining our ongoing strategy of seeking strategic operating partners with whom to invest.”