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by CareyBot

A joint venture between Lincoln Property Co. and Goldman Sachs Whitehall Fund has sold a 207,671-square-foot office portfolio in Parsippany, N.J., for $21 million. The partnership, LWS II Real Estate LP, shed buildings located at 199 Pomeroy Road and 959 Route 46 East. The Pomeroy Road property is a three-story, 76,232-square-foot office building, which underwent a complete renovation in 1998. It was 85 percent leased with Magellan Health Services occupying the majority of the building at the time of sale. The Route 46 facility is a 131,439-square-foot, five-story office building, which recently underwent a significant capital improvement of the lobby and common areas. It was 75 percent occupied at the time of sale with such tenants as Toshiba, Progressive Insurance and Medtronics. The...