Wednesday, January 16, 2019

1000 Madison Drive Norristown Sells for $17.5M

 The sale of 1000 Madison Avenue  transacted for $17.5 million. It is 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."

"There were seven offers from a mix of local, national, and international investors, which created a competitive bidding environment."

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.

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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