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VALLEY FORGE, PA-Radnor-based Mesne Properties Inc. has sold the 120,000-sf office building at 1000 Adams Ave. in Valley Forge Business Center to VT Property Group LLC, a Flemington, NJ-based investor group with holdings in New Jersey and Pennsylvania. The price is undisclosed. According to Montgomery County public records, it was just shy of $13.8 million, or nearly $115 per sf.

The building, which is located on 13.6 acres overlooking George Washington Golf Course, was constructed in 1978 and has a dual power feed, “which is critical to two of its major tenants,” according to MaryFrances McGarrity of King of Prussia-based Jackson Cross Partners. She and John Morrissey of Jackson Cross represented the seller, and Don Shuman Associates in Flemington represented the buyer.

There is the potential for an additional 30,000 sf on the property. The buyer has no plans at the moment to expand the facility, “but the potential added value to the sale,” McGarrity says. She tells GlobeSt.com the building is currently 68% leased. The major tenants are Bethlehem-based DBSi, a provider of disaster recovery capabilities; Herndon, VA-based RCN Corp., which is a leading provider of high-speed internet and phone services, and USI Insurance Group, which is based in Briarcliff Manor, NY and is the ninth largest insurance brokerage firm in the US.

On condition of anonymity, a broker familiar with properties in the 250-acre Valley Forge Business Center, describes this building as “mid-way between class A and class B. On average, the rental rate is probably in a range of $17.50 per sf to $18 per sf.”

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