2C — February 8 - 21, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
Commercial • Multifamily • Retail • Industrial • Development
P ennsylvania 1000 Madison Ave. is a 102,894 s/f, 3-story office building IPA brokers $17.5M office building sale in Norristown
ORRISTOWN, PA — Ins t i tut i ona l 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 , se- nior associate with Marcus & Millichap, Robert Filley , IPA senior director, Law- rence Gariano and Robert Bechtel , Marcus & Millichap senior associates, represented PHILADELPHIA, PA — IMC Construction cele- brated the holidays at Penn Medicine’s newly constructed Center for Healthcare Tech- nology building with the an- nouncement that IMC has opened an office in Center City. “For the past 40 years we have served this region with
267-314-8635 www.rhappraisals.com PA-NJ-DE 1800 John F. Kennedy Blvd., Suite 300 |Philadelphia, PA 19103
1000 Madison Ave.
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. Located four miles from great success from our offices in Malvern,” said Rob Cot- tone , president and CEO of IMC Construction. “But our work in Center City has grown exponentially. This LEED Silver, design-build structure for Penn Medicine is a perfect example of a client that is ex- panding in the City and in the suburbs. To be responsive, we
the King of Prussia Mall, the property is immediately ac- cessible from the Pottstown Expressway, Rte. 422, the Pennsylvania Tpke., I-276, and the Schuylkill Express- way, I-76. The Valley Forge Casino Resort is within three miles, and Philadelphia Inter- national Airport is 30 miles away.
integrating the ART of landscape architecture with the SCIENCE of civil engineering The number of Center City projects has steadily increased for IMC, as has the number of IMC employees who live in the City. The new IMC office is located at 121 South Broad Street, across from the Union League and close to public transportation. IMC Construction opens Center City office have to be where our clients are.”
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