MALVERN, PA — Marcus & Millichap announced the sale of Montgomery County Intermediate Office - Unit 23, a 40,000 s/f net-leased office building located in Malvern. The asset sold for $5.75 million.
Eric Grad, in Marcus & Millichap’s Philadelphia office and Alex Mobin, in Marcus & Millichap’s Newport Beach office had the exclusive listing to market the property on behalf of the seller, a developer and property owner. The seller had purchased the building in 2006, it is the only building in the office park that is not owned by a large REIT. The buyer was in a 1031 exchange.
“The sale of Montgomery County Intermediate Office reiterates the high demand and interest for stable net-leased office properties in the Philadelphia MSA,” said Grad. “The Malvern submarket and general area are extremely desirable, from both an occupant and ownership point of view. The attractive cap rate and purchase price signify a robust marketplace where transactions can be completed through speedy bidding and closing process.”