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Industrial Site Grabs Hotel Company's Eye

VALLEY FORGE, PA-A hotel owner and developer pays north of $4 million for a 147,235-sf industrial building on 14 acres in Valley Forge Corporate Center.

By Marita Thomas | Updated on August 31, 2007

(Read more on the industrial market.)

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.

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