Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Montgomery County Intermediate Office - Unit 23, a 40,000-square-foot net-leased office building located in Malvern, Pa. The asset sold for $5,750,000.
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.”
Montgomery County Intermediate Office is located at 333 Technology Drive in Malvern, Pa. The office is used for educating and training public school employees.
Anthony Palumbo is the broker of record for Pennsylvania.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
