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PHILADELPHIA-Locally based Berwind Property Group has sold Union Meeting IV, a 62,379-sf, three-story office building in Blue Bell, PA for approximately $10.4 million or $166.72 per sf. The buyer is identified only as a Mid-Atlantic REIT.

The class-A office facility is one of eight buildings in a 500,000-sf officepark. This building was completed in 1988 and purchased by BPG in December 2000.

The building is 100% leased to five tenants. The largest of them is Wilmington, NC-based PPD Pharmaco. All eight buildings in the park arevirtually 100% leased, according to a statement.

“When we purchased this property, we recognized the opportunity to create substantial value by aggressively managing the lease rollover risk,” says Arthur P. Pasquarella, BPG’s chief operating officer, in a statement. “Since the acquisition, we have successfully re-leased 35% of the building at a significantly higher rental rate.”

Rental rates on this property was not disclosed. The average asking rate for class-A office properties in the Blue Bell area is about $25 per sf, and some properties command as much as $32 per sf, according to GlobeSt.com research.

Jim Vesey, Robert Fahey and Mike Hines of the local office of Cushman & Wakefield of Pennsylvania represented BPG.

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