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PHILADELPHIA-Witmer Plaza, a newly completed, multi-story, 41,931-sf office building at 901 Dresher Road in Horsham, PA sells to locally-based investor Michael Insalaco for $5,633,351 or $134.34 per sf. It is located at the busy intersection of Dresher and Witmer Roads in suburban Montgomery County north of Philadelphia.

The facility is 90% leased. Average asking rental rate for office properties in the Horsham/Willow Grove areas of Montgomery County is approximately $20.30 per sf.

Rents on such class-A properties are said to be stabilizing, although demand remains relatively flat, according to second-quarter reports. A 675,000-sf master-planned business park has just won approval.

The local office of Encino, CA-based Marcus & Millichap brokered the sale of Witmer Plaza for its previous owner, Witmer Road, Inc., and also found the buyer.

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