(Read more on the industrial market.)

WILLIAMSPORT, MD-BPG Properties Ltd. has sold an industrialasset it owned here after it rehabilitated the building and thensecured it with a long term lease. Acquired in 2005 from LenoxCorp., 16604 Industrial Dr. was sold to Atapco Properties for $9.2million. Robert Cashman, Bruce Strasburg, Jonathan Beard and MarcRampulla of CB Richard Ellis represented BPG in thetransaction.

After BPG acquired the 170,858-sf warehouse called theHagerstown Distribution Center, it launched a capital improvementprogram, George Haines, VP of BPG in charge of this transactiontells GlobeSt.com. The cost of the rehab--which included removingantiquated racking and mezzanine space,repainting the exterior andinterior, and upgrading the sprinkler system to ESFR--ran about$1.50 per sf. The sprinkler upgrade in particular, he says "madethe building a lot more appealing to tenants and makes it a moreinstitutional grade building. Having that ESFR as part of thebuilding's infrastructure is another box investors could checkoff." Other features in the building include 40 by 40 columnspacing, 25 dock doors and two drive-in doors.