BPG ANNOUNCES SALE OF 130,457 SF BUILDING IN NEWTOWN SQUARE, PA
Philadelphia, PA. – (November 27, 2012) – BPG Properties, Ltd., one of the nation’s leading private equity real estate fund managers, announced today that one of its affiliates has sold the Bryn Mawr Health Hospital Center, a130,457 square foot medical office building in Newtown Square, Pennsylvania to LPF West Chester Medical Plaza Trust, an affiliate of LaSalle Investment Management. The medical building is part of BPG’s Ellis Preserve development, consisting of over 800,000 square feet of existing office and research and development space, situated adjacent to the 620,000 square foot headquarters’ campus of SAP Americas.
The Bryn Mawr Health Hospital Center was completed in 2007 as part of a build-to-suit lease transaction with Main Line Health. The medical building houses state-of-the-art medical technology including a Cancer Treatment Center, Outpatient Diagnostic Center, Rehabilitation Centers, Sleep Medicine Services and Primary and Secondary Medical Services.
The Seller was represented by Robert Fahey, Michael Hines and Chris Bodnar of CBRE.
Ellis Preserve offers numerous on-site amenities including the Ellis Athletic Center, a 22,000 square foot professionally operated fitness center, a full service deli with outdoor seating, on-site management and maintenance and a conference center with a 250 seat auditorium. The campus has dual feed electrical service from two substations and features a beautiful setting with mature trees and landscaping. It is located with entrances on both Routes 252 and 3, offering easy access to the Main Line, Center City, Philadelphia and the Route 202 Corridor.
Future development plans for the 218 acre Ellis Preserve include the creation of a town square with upscale shopping, dining and entertainment, two luxury boutique hotels, residential units and office buildings, all connected by pedestrian walkways. For additional information, please visit www.ellispreserve.com.
About BPG Properties, Ltd.
BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.bpgltd.com.
For more information on BPG Properties, Ltd., please contact:
Joseph G. Nahas, Jr., Vice President, 215-575-2363
For more information on Ellis Preserve, please contact:
Stephen M. Spaeder, Senior Vice President, 215-575-2386