BPG sells Ferncroft Corporate Center

Renovations, addition recently completed

BPG Properties Ltd. on Monday announced the sale of Ferncroft Corporate Center in Middleton, Mass. Behringer Harvard Ferncroft LLC purchased the asset for $27 million. The property, located at 35 Village Road, is an eight-story, class A office building comprised of 230,000 square feet. BPG acquired the property in November 2004 on behalf of its Co-Investment Fund, a partnership between BPG and the Pennsylvania Public School Employees' Retirement System (PSERS). During its 18-month ownership, BPG made several capital improvements to the property, including a renovation of the lobby and common areas and the addition of a fitness center. At the time of disposition, the property was 82 percent leased. BPG Properties Ltd. is a Philadelphia-based, privately held real estate investment firm. ...