BPG identifies the assets as "among the most well positioned and highest quality within their respective submarkets" and states that all were "corporate developed and owned facilities" that "have never been marketed or controlled by a real estate operator." The description coincides with Jenkintown-based American Financial Realty Trust's announcement of the sale of four "non-core properties to a private buyer" for $45 million in cash.

Although neither BPG nor American Financial Realty Trust would confirm that American Financial is the seller of all four properties, Murial Lange of the financial REIT tells GlobeSt.com that the 380,000-sf building on One Meridian Blvd. in Wyomissing was a part of the multi-building Wachovia portfolio American Financial acquired in July. The BPG statement indicates that BofA either occupied or continues to occupy portions of the other three properties, and, on condition of anonymity, an area broker confirms that they are a part of American Financial's acquisition of a multi-building BofA portfolio and that BPG acquired all of the buildings from American Financial.

The Wyomissing property is a 380,000-sf, four-story, class A building on 56 acres near Routes 422 and 222, just 12 miles from the Pennsylvania Turnpike. Originally developed as the Meridian Bank headquarters, it is in the Spring Ridge master-planned, mixed-use development and includes a 7.2-acre development parcel. The building is currently 21% leased by Allstate Insurance, which has inked a 10-year, 60,000-sf lease. BPG appointed Bill Wolf of the local office of CB Richard Ellis exclusive leasing agent.

The Horsham asset is a 91,000-sf, three-story, class A building at 200 Tournament Dr. in the Commonwealth Corporate Center. Originally constructed in 1989, it was once fully occupied by Fleet Bank and most recently BofA. John Shelly of the local office of Trammel Crow Co. is named exclusive leasing agent.

The Princeton property is a 127,500-sf, four-story, class A building in Carnegie Center, currently 33% leased, long term, to BofA, It includes a bank branch. The acquisition also includes an 8.2-acre development parcel with 700 feet of frontage along Route 1, previously used as a sports field for Carnegie Center tenants, but available for build-to-suit development.

The 69,000-sf, seven-story building in West Hempstead, Long Island is 59% leased and includes a BofA bank branch. It is located on the corner of Hempstead Avenue and the Hempstead Turnpike, across from a Long Island Railroad stop.

The portfolio was acquired by an affiliate of BPG on behalf of BPG Investment Partnership VI, a $384-million private equity fund, sponsored by BPG. Christopher J. Locatell, VP, who negotiated the purchase, says the portfolio "provides us with the opportunity to expand our presence throughout the mid-Atlantic marketplace...we have the opportunity to increase value by repositioning [the buildings] in markets that are improving and expanding." BPG Management Services, a Berwind affiliate, will operate all four properties. With the sale of the four buildings, American Financial completes its previously announced disposition of 13 non-core properties.

Instant Insights /

BPG Buys 25%-Leased Former Bank-Building Portfolio

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