Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 1000 Madison Avenue, a 102,894-square-foot, three-story office building located in the Valley Forge Corporate Center in Norristown, Pennsylvania. 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, a regional investor in Class A office assets. 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 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.

“Marketing the asset with strong local and regional representation from the Marcus & Millichap and IPA platforms brought unique attention to the property during a time when many other assets were competing for attention from investors,” commented Filley.

At the time of the sale, the property was 100 percent occupied by five tenants, including the Commonwealth of PA, 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.

With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.IPAusa.com