Office buildings bought in northern Delaware

Space shed at 'below replacement cost'

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BPG Properties Ltd. recently bought two office buildings totaling 142,695 square feet in Newark, Del., for approximately $14 million. Northtowne Inc. sold the property, 242 and 248 Chapman Road, at 77 percent occupancy. The 242 building is a three-story, 65,697-square-foot facility, while 248 Chapman is a two-story, 76,728-square-foot building, where approximately 35,000 square feet of space was available for lease at the time of sale. "The acquisition of 242 and 248 Chapman Road provided us with an opportunity to acquire two office buildings below replacement cost in the growing South New Castle County submarket," Roy C. Perry, senior vice president of BPG, said in a statement. BPG said in a statement that it will be executing an extensive $1 million capital improvement program to fully renovate the common areas, including the entrance lobbies and restrooms. In addition, the firm will improve the landscaping, site signage and entrances. ...