Berwind Property Group Ltd. sold 200 Lawrence Road, a 111,451-square-foot office/lab/warehouse facility in West Chester, Pa.
The value of the transaction was approximately $14 million.
200 Lawrence Road was originally developed in 1997 and includes approximately 50,000 square feet of office space, 15,000 square feet of production and lab space, and 52,000 square feet of warehouse space with seven loading docks and one drive-in door. The property allows for expansion up to 50,000 square feet.
BPG acquired the property in the third quarter of 2003 on behalf of its BPG VI, a $384 million private equity fund sponsored by BPG. The firm subsequently leased the facility to Animas Corp., a manufacturer of insulin infusion pumps, under a 10-year lease transaction.
Animas Corp. was founded in 1996 and is focused on the development and commercialization of devices ranging from its insulin infusion pump to infusion sets and the development of its near-IR glucose monitor.
Cushman & Wakefield represented the seller in the transaction.
The identity of the buyer was not disclosed.
Philadelphia-based Berwind Property Group Ltd. is a privately held real estate investment company.
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