The fund specifically targets sale/leaseback properties from owner/users seeking liquidity. "It was a corporate directive to get it off the balance sheet," Albert J. Corr, BPG vice president, tells GlobeSt.com of the acquisition. "They had given us the terms of the (five-year) lease and that affected the way the property was priced." The purchase marks the sixth investment for the fund and brings BPG's properties in the Greater Boston market to nine, according to Corr. Berwind's assets include 100 CambridgePark, a 135,563-sf office structure and the Campus at Marlborough, a four-building, 530,895-sf complex.

Constructed in 1990, Ferncroft Corporate Center is an eight-story, class A office building, just off the intersection of Route 1 and Interstate 95 and next to the Ferncroft Country Club & Golf Resort. The property has a full-service cafeteria and a 775-space parking garage. It is 57% leased to Verizon; BPG will lease the remaining approximately 100,000 sf.

Gary Lemire, senior vice president and partner, David Wright, executive vice president and partner, and Amy Perlman, vice presiden with CB Richard Ellis/Whittier Partners represented the seller and introduced the buyer to the deal. Executive vice president Mark Reardon and vice president Jason Levendusky, also with CBRE, will lease the building.