Commercial Property News - November 03, 2005
In one of the largest industrial transactions in the Mid-Atlantic this year, a limited-partnership operated by Philadelphia-based BPG Properties Ltd. has leased a 316,524-square-foot distribution center in Belcamp, Md., to beauty supply store Sephora USA Inc. After completing the transaction, BPG immediately listed the property, which it bought only two years ago, for sale with Trammell Crow Co. Sephora expanded into space formerly occupied by a third-party logistics firm with declining space needs. The building could sell in the $22-to-$24 million range.
Cushman & Wakefield Inc. represented Sephora in the lease negotiations, which expanded Sephora's existing 200,000-square-foot lease to encompass the entire building and extended its lease to a 12-year term. A division of Moet Hennessey Louis Vuitton, Sephora operates 110 beauty products stores in the U.S. and Can"
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Thursday, November 10, 2005
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