BPG Properties, Ltd. (BPG), one of the nation’s leading private equity fund managers, has announced the sale of a 5.529 acre pad site to OrthopaediCare, formerly the Orthopedic Specialty Center (OSC) for $3.2 million.
Philadelphia, PA (Vocus) August 26, 2009 -- BPG Properties, Ltd. (BPG), one of the nation’s leading private equity fund managers, has announced the sale of a 5.529 acre pad site to OrthopaediCare, formerly the Orthopedic Specialty Center (OSC) for $3.2 million. The site is situated within BPG’s New Britain Corporate Center, a 62-acre master planned office campus located within ¼ mile of the intersection of County Line Road and Route 202 in Chalfont, Bucks County, Pennsylvania. Presently, the Center includes a 50,000 square foot multi-tenanted office building, a 70,000 square foot office building that was developed as a build-to-suit for Chrysler Financial Services Americas, LLC, a medical building for Children’s Hospital of Philadelphia, a life care center and a day care center.
“We are pleased that the physicians at OrthopaediCare chose the New Britain Corporate Center as the location to construct their new comprehensive orthopaedic center,” commented Robert Cook, vice president of BPG who negotiated the sale on behalf of the owner. “Over the past many months, we have worked closely with OrthopaediCare and New Britain Township to obtain the necessary municipal approvals to develop a 33,000 square foot medical office building on the fully improved site.”
OrthopaediCare’s new office in New Britain is another sign of the practice’s growth in the suburban Philadelphia area. As in their Willow Grove location, their 17 physicians will offer sub-specialty care in joint, spine, hand, sports, and trauma and will have facilities for physical therapy, occupational therapy, and x-ray. With these services now available locally, patients can receive their orthopaedic sub-specialty care closer to home. Construction on the new outpatient center at New Britain Corporate Center is anticipated to begin in October with a scheduled opening in May 2010.
New Britain Corporate Center is fully approved for the development of up to 465,000 square feet of commercial space. Current approvals allow for a 50,000 square foot, two-story office building, a single-story 31,600 square foot office/flex building, a two-story 59,600 square foot office/flex building and 150,000 square feet of office space within 11 planned one and two-story office buildings. The Center is less than one mile from the Route 202 Parkway which is currently under construction.
The Center is located adjacent to New Britain Village Shopping Center, a 130,000 square foot neighborhood retail center which is anchored by a Genuardi’s supermarket. Additional area amenities include a full service athletic center, two daycare facilities and the Montgomery Mall. New Britain Corporate Center offers immediate access to Route 202 and County Line Road and is within seven miles of Doylestown Borough, the county seat of Bucks County, and 10 miles from Horsham.
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 20 million square feet of office, retail, student housing, and industrial properties and more than 25,000 apartment units in more than 100 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 additional information on BPG Properties, Ltd., please contact:
Holly T. Reynolds, Vice President, at (215) 575-2363
mleitch (at) mavenagency.com
For additional information on the property, please contact:
Robert Cook, Vice President at (215) 575-2485
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