WEST CHESTER, PA-Philadelphia-based Berwind Property Group sold the 111,451-sf office/lab/warehouse property at 200 Lawrence Rd. here for slightly more than $13.9 million. BPG acquired the then-vacant building about a year ago from Denmark-based Danisco for $7.2 million. Danisco had obtained the property in conjunction with a merger with Australia’s Goodman Fielder food manufacturer.

Quickly after the purchase, BPG leased the entire facility to locally based Animus Corp., a maker of high-tech medical devices, for a 10-year term. Stephen M. Spaeder, SVP of BPG, was responsible for the acquisition and subsequent lease with Animus. The building was acquired on behalf of BPG VI, a $384-million private equity fund, sponsored by the privately held real estate investment firm.

The property was completed in 1997 and includes approximately 46,000 sf of office space, 15,000 sf of production and lab space, and about 50,000 sf of warehouse area with seven loading docks and a drive-in door. The site allows for expansion of up to 50,000 sf.

A BPG spokesperson declined to disclose the identity of the current buyer, and Spaeder referred to the buyer only as “a growing company that would benefit from [the property's] highly improved office and production space with expansion opportunities.” The Philadelphia-area office of Cushman & Wakefield represented BPG in the sale transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.