1000 Madison Drive, Norristown, PA
NORRISTOWN, PA—Institutional Property Advisors, a division of Marcus & Millichap, brokered the $17.5 million sale of 1000 Madison Avenue, a 102,894-square-foot, three-story office building located in the Valley Forge Corporate Center in Norristown, PA. The property sold for $17.5 million.
“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” says John Abuja, IPA senior director.
Abuja, David Beyel, senior associate with Marcus & Millichap, Robert Filley, IPA senior director, Lawrence Gariano and Robert Bechtel, Marcus & Millichap senior associates, represented the seller and procured the buyer, a regional investor in class A office assets.
“We generated seven offers from a mix of local, national, and international investors, which created a competitive bidding environment,” says Beyel.
Located four miles from the King of Prussia Mall, the property is immediately accessible from the Pottstown Expressway, Route 422, the Pennsylvania Turnpike, Interstate 276, and the Schuylkill Expressway, Interstate 76. The Valley Forge Casino Resort is within three miles, and Philadelphia International Airport is 30 miles away.
“Marketing the asset with strong local and regional representation from the Marcus & Millichap and IPA platforms brought unique attention to the property during a time when many other assets were competing for attention from investors,” says Filley.
At the time of the sale, the property was 100 percent occupied by five tenants, including the Commonwealth of Pennsylvania, which occupies 37 percent of the building. Built in 1990, 1000 Madison has 14 corner offices per floor, an atrium lobby and 469 surface parking spaces.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
