The 251,751 sf warehouse in the 250-acre Valley Forge CorporateCenter at 2621 Van Buren Ave. was sold to Montreal-based MoteliProperty Group for nearly $25.3 million. Comcast Corp., PayChex,Texas Instruments and PJM Interconnection are all tenants in thebuilding. ComCast has 47,000 sf of warehouse space in the buildingthrough the year 2017 that will then be converted to office.

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"This building has a great rent roll, great credit and greattenants," Michael Hines, an EVP at CB Richard Ellis, tellsGlobeSt.com. "This is sort of a sweet spot, what we call Core Plusproperties. They have good credit, good terms, value add potentialand good, consistent, reliable rents."

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The building was completed in phases between 1969 and 1986. Thewarehouse was transformed partially to office and warehousefacility from industrial property with $10 million in capitalimprovements for the past 10 years. Now much of the building hasclass A office space with up to 12 foot ceilings, new windows,individual tenant entrances and refurbished common areas.

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The building was 92% occupied at the time it was put on themarket, and 96% at the time it was sold. "You can really see thevalue of this building. Plus, it has enough parking for theconversion from warehouse to office," says Hines.

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Selling the building was a five-to six-month process, accordingto Hines. The building sold for $95.33 per sf, to which Hines says,"it is consistent with the market. When you've got a building withoffice space, manufacturing space and warehouse space, a buildingcan be all over the place in rent."

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"Core Plus is what everybody wants right now," Hines says."These deals are the easiest to finance so everybody wants them.King of Prussia has always been a really good market. It has fourmajor roads coming into the area." The 2621 Van Buren Avenuebuilding is located close to Trooper Road, RouI-76 and I-276.

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Over in Lancaster, PA, an unnamed NJ-based buyer closed on a70,724-sf, 20-year-old industrial building with a single tenant for$5.6 million. The building is situated on an 18-acre plot of landand offers room for expansion of the site. Since the propertyopened in 1988, Actuant has been the only tenant. The buyer paid$79.89 per sf, which is above average.

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"The price per sf might be high for a Lancaster property, butthe tenant still has a 10-year lease with nine and a half yearsleft on it," David Thurston, the Marcus & Millichap broker onthe deal tells GlobeSt.com. Thurston, from the Marcus &Millichap New Jersey office, has represented the buyer in severaltransactions in the past.

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The buyer was not named in the deal. The deal to sell was in theworks for about four months, and was brought together Thurston fromthe New Jersey offices of Marcus & Millichap as well as membersfrom the Philadelphia office of the national firm.

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"The real story is that we worked together as good partners andwe have good listeners and good people working for us," saysThurston. "This shows the cooperation among the offices and theagents."

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