LOWER PROVIDENCE — A 102,894 square foot office building in the Valley Forge Corporate Center has sold for $17.5 million. The sale was announced this week by Institutional Property Advisors, a division of Marcus & Millichap.
“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” John Abuja, Institutional Property Advisors senior director, said in a press release.
Located at 1000 Madison Ave. in Lower Providence, the three-story office building was fully occupied by five tenants at the time of the sale, according to the release. Among the tenants is the Commonwealth of Pennsylvania, which occupies 37 percent of the building.
The new owner of the building is described as being “a regional investor in Class A office assets,” Additional details about the owner have not been made public.
According to David Beyel, senior associate with Marcus & Millichap, there was a competitive bidding environment for the building, which resulted in "seven offers from a mix of local, national, and international investors.”
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