PHILADELPHIA, Pa. Oct. 20 – In an effort to further its expansion in Central Pennsylvania, AMC Delancey Group, Inc., a national real estate investment group headquarted in Philadelphia, recently acquired the Lehigh Consumer Products Building in Macungie, Pennsylvania.
The 270,000 square foot, one-story office warehouse and manufacturing facility, located at 2834 Schoeneck Road, was purchased from Lehigh Consumer Products. The property serves as the headquarters of the Lehigh Consumer Products Company which will remain as a tenant.
AMC Delancey Group, Inc., will manage and operate the facility as part of its expanding portfolio in the Central Pennsylvania market.
“Last June we acquired 12 properties in Harrisburg, and this recent acquisition in Macungie is another example of our desire to continue our expansion plans in the region,” said Kenneth P. Balin, president and CEO of AMC Delancey Group, Inc. “In connection with our recent industrial acquisition in Central Pennsylvania, we have appointed a regional director for industrial properties for our Central Pennsylvania portfolio, and he’ll be working to identify new opportunities as well as assure that our overall investment is profitable,” he said.
Michael Wachs, vice president of acquisitions for AMC Delancey Group, added that the company also recently sold a property that the company acquired in 1997 – the Exton Professional Building to J & K Partnership for $2,450,000. Wachs said that despite the entire markets’ high vacancy rates, AMC Delancey Group was able to take advantage of a extremely low CAP rate of 8.1%, providing the buyer with low interest rates and the opportunity for expansion. “Given the office buildings’ 30,000 square foot size, and its location in a submarket where we have no other properties, it is considered a non-core to our portfolio. We are actively seeking larger office products in the region and along the east coast, and currently focusing on doing deals with operating partners as we continue to maintain our existing portfolio,” said Wachs.
AMC Delancey Group, Inc., is a long-term investor in real estate. With headquarters in Philadelphia, Pa., the company operates nationally, providing capital and resources to a growing network of qualified operating partners, creating long-term value from real estate opportunities. Founded by Kenneth P. Balin in 1992, the company is now an affiliate of King of Prussia-based AMC Group, LLC. AMC Delancey Group, Inc., has a network of operating partners and a portfolio of real estate investments from New England to Florida, specializing in office, retail, hotel, industrial and multi-family dwellings.
For more information on AMC Delancey Group, visit the company’s website.