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 real estate investment manager for Berwind Property Group Ltd. and other major institutional investors, is a Philadelphia-based, privately held real estate investment firm.