BPG sheds 823,000 square feet

Occupancy nears capacity at Pennsylvania site

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BPG Properties Ltd. sold Valley Forge Distribution Center, an 823,731-square-foot warehouse facility in Oaks, Pa. The value of the transaction was $34 million. CRP Investments of Boston purchased the property, which is situated on an approximately 58-acre site. An affiliate of BPG acquired the property in 2001 for $18.1 million from Fleming Foods, who vacated the facility at the time of closing. In 2003, BPG completed $5.5 million of renovations to the property, including roof replacements, cross docking to increase the number of loading docks on the southern side of the building, HVAC and energy-efficient lighting improvements, and site work upgrades. In 2003, the firm executed a long-term lease for more than 70 percent of the facility with Tyco Healthcare Group. Additional tenants that BPG brought to the property include Herman Miller, J & J Services, Virtual Storage and JJ Haines. At the time of the sale, occupancy of the facility was 97 percent. BPG Properties Ltd., the re...