BPG Buys 25%-Leased Former Bank-Building Portfolio

PHILADELPHIA-Locally based Berwind Property Group acquired a four-building office portfolio with an aggregate of 667,500 sf. The buildings are in Wyomissing and Horsham; Princeton, NJ; and West Hempstead, NY. The portfolio is 25% leased.

BPG identifies the assets as “among the most well positioned and highest quality within their respective submarkets” and states that all were “corporate developed and owned facilities” that “have never been marketed or controlled by a real estate operator.” The description coincides with Jenkintown-based American Financial Realty Trust’s announcement of the sale of four “non-core properties to a private buyer” for $45 million in cash.

Although neither BPG nor American Financial Realty Trust would confirm that American Financial is the seller of all four properties, Murial Lange of the financial REIT tells GlobeSt.com that the 380,000-sf building on One Meridian Blvd. in Wyomissing was a part of the multi-building Wachovia portfolio American Financial acquired in July. The BPG statement indicates that BofA either occupied or continues to occupy portions of the other three properties, and, on condition of anonymity, an area broker confirms that they are a part of American Financial’s acquisition of a multi-building BofA portfolio and that BPG acquired all of the buildings from American Financial.