BPG sells Ferncroft Corporate Center

Renovations, addition recently completed

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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. ...