"The timing of these sales is consistent with our value-added investment philosophy," explains Joseph G. Nahas, Jr., vice president of dispositions for the seller. "In this situation, we substantially enhanced the properties through significant lease-up, which improved the quality and diversity of the tenant base.
"Given the current high investment interest in well-located, stabilized office product, we thought it was an appropriate time to sell them," Nahas continues.
The local asset sold by BPG is the North Brunswick Commerce Center, also known as 100 and 200 North Center Drive. The two single-story office buildings, which are located in the Route 1 corridor, fetched just under $20.6 million, or $120.26 per sf. The complex is currently 95% leased to a total of 24 tenants.
The buyer of North Brunswick Commerce Center was an affiliate of the Princeton, NJ-based Hilton Realty Co., which already has substantial holdings in the region. "We are very pleased with the purchase," according to Jeff Sands, a Hilton Realty principal.
The second recent sale by BPG involves the Cherry Tree Corporate Center in Cherry Hill, NJ, a five-story, multi-tenant office building that is currently 92% occupied. The buyer, in this case, was an affiliate of the Brooklyn, NY-based Manhattan Management Co., whose principal Harvey Berk also has other holdings in the South Jersey region. The property sold for just under $12.7 million, which factors out to $92.15 per sf.
Berwind Property Group is a privately held firm whose remaining portfolio consists of more than 25 million sf of office, multi-family, retail, hotel and industrial properties throughout the U.S
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