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BPG sells trio of Keystone Crossing buildings

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Philadelphia-based BPG Properties Ltd. announced on Monday the sale of a three-building office and retail property near Keystone at the Crossing for $15.5 million.

BPG, a private equity-fund manager, sold 8480, 8500 and 8520 Keystone Crossing to PWA Keystone Crossing LP, an affiliate of Pittsburgh-based PWA Real Estate LLC. The three buildings total 117,276 square feet.

“Despite the challenging market conditions, the asset’s strong occupancy, credit tenancy and diverse tenant mix attracted numerous bidders,” BPG vice president Christopher J. Locatell said in a prepared statement.

The largest of the three buildings, 8500 Keystone Crossing, is 100,353 square feet. BPG acquired the building in 2005. It is 88-percent occupied and houses such tenants General Casualty Co., 20/20 Institute and M/I Homes.

The other two properties, 8480 and 8520 Keystone Crossing, were developed as part of build-to-suit lease transactions for Fidelity Brokerage Services and Jared the Galleria of Jewelry, respectively. The 8480 building totals 7,730 square feet, while 8520 Keystone Crossing totals 9,193 square feet.

BPG was represented in the negotiations by Rebecca Wells, a senior vice president of Cassidy Turley's Indianapolis office.

BPG still owns the six-building, 1 million-square-foot Keystone at the Crossing office complex, which it took full control of in 2006.

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  • Occupancy
    I have to figure occupancy rates are terribly overstated at this time. How much space is currently "occupied" simply because the tennat has a 5 - 10 year lease they can't get out of without declaring BK? Unless things change soon, as these leases roll over the next 2 to 3 years, I bet we will see occupancy rates decline. If things pick up, we may get lucky and have them stay flat, but only if average rents come down.

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