Allentown, Pennsylvania (July 13, 2010). Cohen Asset Management, Inc., a Los Angeles based industrial and commercial real estate investment firm, has sold 6845 Snowdrift Road, a 93,000 square foot industrial building located in the Allentown submarket of the Lehigh Valley.  The sale, on behalf of CAM Core+ Fund 1 LLC, closed on June 29, 2010 to a Pennsylvania-based private investor. 

6845 Snowdrift Road was acquired by Cohen Asset Management, Inc. on behalf of the CAM Core+ Fund 1 LLC in May 2007 as part of a portfolio acquisition containing 14 industrial buildings in addition to developable land located in the greater Philadelphia and Allentown, Pennsylvania markets. The property was acquired 100% vacant and shortly thereafter, CAM was successful in executing a ten year lease with International Battery, Inc for the entire building.

The decision to sell was driven by the premium price offered and the limited upside, given the single tenant nature of the property. “Executing opportunistic sales of individual buildings in the portfolio at premium pricing is indicative of the value-add potential that the CAM Core+ Fund 1 LLC perceived at acquisition” said Jason Haas, COO and Executive Vice President of Cohen Asset Management.

About Cohen™

Cohen Asset Management, Inc., ("CAM"), is a private real estate investment firm. The firm's relationships extend to high net worth individuals, institutional investors and domestic business entities. Cohen Asset Management, Inc. is an active operator and investor of real estate assets and has a well-established reputation as a value added investor focusing on real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.