Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.