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PHILADELPHIA-Locally based BPG Properties Ltd. has acquired two Chester County office/warehouse facilities from Electronics Boutique, the former parent of EB Games, which previously owned and occupied the buildings. The Grapevine, TX-based GameStop acquired EB in May 2005 for $1.4 billion and put the Pennsylvania properties up for sale.
They aggregate 451,421 sf, and BPG acquired them for just north of $20.8 million, which translates to $45.59 per sf. BPG Properties is the real estate investment managing arm of Berwind Property Group, and the acquisition was made on behalf of BPG Investment Partnership VII LP, a $550-million private equity fund.
The larger, newer building is a 314,521-sf distribution facility at 200 W. Stewart Huston Drive in Sadsbury, which was completed in 2003. The other is a 142,000-sf office/warehouse property at 931 Matlack St. in West Chester.
Prior to closing on the acquisition, BPG obtained a full-building lease for the Sadsbury property from Communication Design Testing Inc., a telecommunication equipment repair firm that will relocate from its current location in West Chester. John Morrissey of King of Prussia-based Jackson Cross Partners represented CDTI and Peter Greenhalgh of Cushman & Wakefield of Pennsylvania represented BPG. The value of the lease is undisclosed.
The West Chester facility, which has about 55,000 sf of office space and 87,000 sf of warehouse space, is vacant. BPG named Steve Italiano, SVP, and Thomas Bailey of the area office of CB Richard Ellis, exclusive leasing agents. Italiano tells GlobeSt.com the rental rate is $6 per sf for warehouse space and $12.50 per sf for office, triple net. "It's at a key location on Route 202, and we've already shown it to several prospects," he says and anticipates that it will accommodate two to three tenants.
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