First some background. At the end of 2012 we migrated our vs2008 solution to vs2010 but we still target .NET 3.5. (I know nothing but the latest and greatest here!)
If you have a build server that does not have VS2012 installed, you can fix this by
a) installing the MSBuild.Microsoft.VisualStudio.Web.targets package to your solution, and
b) replacing this line in the .csproj file:
With this line pointing to the nuget package
EDIT
As @joedragons points out the version in the updated line should match the nuget package version, i.e. replace targets.11.0.2.1 with targets.x.x.x.x for the current version.