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BPG Properties sells Valley Forge distribution center.

PHILADELPHIA, Pa: BPG Properties, Ltd. (BPG), the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, announced the sale of Valley Forge Distribution Center, a 823,731 s/f warehouse facility located in Oaks, Pennsylvania to CRP Investments of Boston for $34 million.

The sale included the warehouse facility and the approximately 58 acres on which it is situated. Michael Hines of CB Richard Ellis represented the seller in the transaction.

An affiliate of BPG acquired the property in 2001 for $18.1 million from Fleming Foods, who vacated the facility at the time of closing.

In 2003, BPG completed $5.5 million of renovations to the property including roof replacements, cross docking to increase the number of loading docks on the southern side of the building, HVAC and energy efficient lighting improvements and site work upgrades.

In the same year, the firm executed a long term lease for more than 70% of the facility with Tyco Healthcare Group. Additional tenants which BPG brought to the property include Herman Miller, J & J Services, Virtual Storage and JJ Haines. At the time of the sale, occupancy of the facility was 97%.

Affiliates of BPG have retained ownership of 10 acres of the 68 acre site that was originally acquired from Fleming Foods. This 10 acres includes 121 Green Tree, a 57,800 square foot flex building that BPG completed the development of in 2005 that offers up to 18 loading docks and three drive-in doors and 24' clear ceiling heights. The building is available for lease and is being marketed by CB Richard Ellis.

Also on the 10 acre site, BPG is currently developing an 11,000 s/f Bright Horizons day care center, with completion slated for January 2007. BPG has also received approval from the municipality to develop a 28,000 square foot professional building on the site. The firm is marketing the building for a build-to-suit lease at this time.

The property lies within one mile of the Oaks Interchange at Route 422 and is within five miles of the interchange of the Schuylkill Expressway (I-76), Route 202 and the Pennsylvania Turnpike.
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Title Annotation:NATIONAL ROUND-UP
Publication:Real Estate Weekly
Date:Oct 25, 2006
Words:359
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