Albert J. Corr, vice president and head of the New England portfolio for BPG Properties, says the Milford Place Corporate Center was part of BPG Properties LP No. 4. In July, BPG Properties LP No. 7, a $550-million discretionary real estate investment fund, closed on its first acquisition--a 230,000-sf office park in Jacksonville, FL.
Andrew Merin, executive vice president, Patrick Colwell, senior director of Cushman & Wakefield's Capital Markets Group, along with Paul Kauffman, executive director of C&W's brokerage services division represented the seller and procured the buyer. Joseph Nahas Jr. and Corr of BPG Properties also were involved in the deal.
Cushman & Wakefield officials say that the REIT bested more than a dozen bidders for the property that is currently 95.1% leased. The three-story office building was originally built in 1987 and is situated on more than 16 acres. The property's largest tenants include Hubbel Inc., an electronics component company which leases about 45,000 sf, Fed Ex, which leases about 13,000 sf and Progressive Casualty Insurance, which leases about 11,000 sf.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
