BPG sheds New Jersey warehouse

Dumps property after 2 years' ownership

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

BPG Properties Ltd. on Monday announced the sale of 51 Commerce Drive, a 269,000-square-foot warehouse facility in South Brunswick, N.J. The value of the transaction was not disclosed. WEA Enterprises Co. Inc. purchased the one-story warehouse, which includes approximately 10,000 square feet of office space. During its ownership, Philadelphia-based BPG renewed and expanded the existing tenant, Market Resource Packaging, and leased the remaining 47,000 square feet to Hermann Warehouse Corp. At the time of disposition, the property was 100 percent leased. BPG acquired the property in June 2004 on behalf of its BPG Investment Partnership VI, L.P., a fully discretionary private equity fund. ...