(To read more on the industrial market, click here.)

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LANSDALE, PA-BPG Properties Ltd., the operating affiliate ofPhiladelphia-based Berwind Property Group, acquired a 700,000-sfmanufacturing facility from Visteon Systems. Visteon is leasingback all of the space.

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Terms of the transaction were undisclosed. On the basis ofanother recent industrial property sale in Montgomery County forapproximately $39 per sf, speaking on condition of anonymity, anindustrial specialist in the area tells GlobeSt.com this saleprobably commanded between $30 per sf and $35 per sf, which wouldput BPG's price tag at between $21 million and $24.5 million."While the value of the acreage would merit a premium," the sourcereasons, "the stabile, credit-worthy tenant tightens negotiations."A BPG spokesperson declined to confirm or deny this estimate.

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Neither would the spokesperson disclose Visteon's rental rate.The asking rental rate for manufacturing space in the countyaverages $3.43 per sf, according to a third quarter report fromCushman & Wakefield.

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The plant is located a 2750 Morris Rd. on an 87-acre parcel withextensive frontage along the northeast extension of thePennsylvania Turnpike about three miles from the Lansdaleinterchange. Visteon, formerly a part of Ford Motor Co.,constructed the plant in 1990.

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"BPG acquired the property in part to accommodate the realestate requirements of related Berwind Group firms," according to astatement from BPG. The company's spokesperson declined todelineate any of BPG's specific plans for the asset or theland.

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The BPG portfolio contains more than 20 million sf of office,retail, student housing, hotel and industrial properties andapproximately 22,000 residential multifamily units in more than 80US communities. Visteon, a manufacturer of electronics to theautomotive aftermarket, has headquarters in Van Buren Township, MI;Kerpen, Germany; and Shanghai and operates more than 170 facilitiesin 24 countries.

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