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VALLEY FORGE, PA-Conshohocken-based Preferred Unlimited Inc. has sold the 147,235-sf industrial building at 950 Rittenhouse Rd. to American Real Estate Group LP, an owner and developer of hotels. The price is undisclosed, but an anonymous source tells GlobeSt.com it was listed at just north of $4.4 million, which would represent about $30 per sf for the structure, if the land was not included in the calculation. The land, however, is the buyer's chief interest.

Eric Gorman and John Morrissey, principals of King of Prussia-based Jackson Cross Partners, represented the seller, identified as 950 Rittenhouse Road Associates LP. Adam Shute of Philadelphia-based NAI Geis Realty Group, which also has offices in Wayne, represented the buyer, which is based in Chalfont.

The three-story building was built in 1972 and expanded in 1985 and delivered vacant. Gorman tells GlobeSt.com the new owner has listed the building for sale and is retaining a portion of the property, on which it plans to develop a hotel. Additional details are not available, and GlobeSt.com was unable to reach the buyer by deadline.