(To read more on the industrial market, click here.)
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.
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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
