IPA brokers $17.5M office building sale in Norristown
NORRISTOWN, PA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1000 Madison Ave., a 102,894 s/f, three-story office building located in the Valley Forge Corporate Center in Norristown. 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,” said 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. Anthony Palumbo is Marcus & Millichap’s broker of record in Pennsylvania. “We generated seven offers from a mix of local, national, and international investors, which created a competitive bidding environment,” added Beyel.