Binswanger/CBB Arranges Sale to Major Philadelphia Developer in Cherry Hill, New Jersey.

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--Oct. 3, 2002

Representing the bankruptcy trustee for the estate of the Langston Corporation, Binswanger/CBB recently negotiated the sale of a 373,000 square foot building on 32 acres to a partnership consisting of OPG Acquisitions, LLC and Strategic Realty Investments.

The property is located at 111 Woodcrest Road. Sale price was $6,350,000.

The principal buyer, OPG Acquisitions, LLC, is a subsidiary of O'Neill Properties Group, LP. The privately-owned suburban Philadelphia-based real estate development company specializes in the development and leasing of high-quality, cost-effective, state-of-the-art commercial office and industrial space.

O'Neill is currently developing and leasing over four million square feet in the Greater Philadelphia market. Strategic Realty Investments is a full-service commercial real estate development company based in Malvern, PA.

Langston Corporation was formerly a recognized leader in the pulp and paper industry, specializing in the design and manufacture of equipment used to produce and convert corrugated board.

Headquartered in Philadelphia, PA, Binswanger/CBB is a member of Chesterton Blumenauer Binswanger, a global, full-service real estate organization with over 160 offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, Asia, South Africa and Australia.