X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

SOUTH BRUNSWICK, NJ-BPG Properties, the Philadelphia-based real estate investment manager for Berwind Property Group and others, has sold 51 Commerce Dr., a 269,000-sf warehouse and distribution building here. The buyer was WEA Enterprises Co. Inc., a New York City-based group. The one-story asset, which includes 10,000 sf of office space, is situated within the New Jersey Turnpike Exit 8A industrial market.

The deal was brokered for BPG by Dan Frankel of Newmark Knight Frank, while WEA was represented by Mike Evans of SBWE Inc., Hasbrouck Heights. Terms of the sale, including the sale price, were not released.

BPG bought the property in mid-2004 on behalf of its BPG Investment Partnership VI LP, a private equity fund with commitments of $384 million. At the time of the acquisition, the building was 58% leased, and in the ensuing two years BPG renewed and expanded anchor tenant Market Resource Packaging for a total of 222,000 sf. Hermann Warehouse Corp. subsequently signed on for the remaining 47,000 sf, bringing the building to full occupancy.

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?

 

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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.