Press Releases


<p><b>PHILADELPHIA, PA. – (August 22, 2012) – </b>BPG Properties, Ltd. (BPG), one of the nation’s leading private equity real estate fund managers, announced today the acquisition of 4400 West 96th Street, 97,323 square foot, Class A office/warehouse complex located in Carmel, Indiana, for $3,750,000 from a joint venture managed by a publicly traded REIT. The acquisition was made on behalf of BPG Investment Partnership IX, L.P., its newly formed value-add real estate fund.</p> <p>“The transaction provided an opportunity to acquire a headquarters-quality office/warehouse complex in the affluent city of Carmel at a price approximately fifty percent below replacement cost,” commented Brant Glomb, vice president in BPG’s Chicago Regional Office who oversaw the transaction for the firm. “By leveraging existing broker and tenant relationships we were able to secure a large tenant under a long-term lease within a very short timeframe.”</p> <p>Prior to closing, BPG negotiated a seven and half year lease with Indianapolis-based Bell Techlogix, Inc. (Bell) for 53,885 square feet, representing the entire two-story office space and some of the warehouse space in the complex.</p> <p>Bell, a provider of information technology services, announced earlier this week that it plans to add 204 jobs by 2016 as part of a $1.4 million expansion. As part of the company’s recent growth, Bell will relocate and expand its corporate headquarters and service delivery center in November 2012. Founded in the 1950s in southern California Bell has since evolved into a provider of technology products with locations throughout the nation and nearly 1,000 clients ranging from midsize companies to Fortune 100 corporations.</p> <p>“The 96th Street facility offers a perfect centralized location and ideal facility space for our corporate headquarters and service delivery center of excellence. This state-of-the-art facility will serve as the heart of our best-in-class delivery and support model for our end user computing, infrastructure management, enterprise mobility management and IT lifecycle service offerings to clients across the United States,” said Clinton Coleman, chief executive officer of Bell.</p> <p>Located immediately northwest of the intersection of Interstate 465 and N. Michigan Road (421), 4400 West 96th Street offers convenient access to the freeway and is easily accessible from the entire metro area. The city of Carmel is Indianapolis’ most affluent suburb and is located within Hamilton County, one of the top ten most affluent counties in the nation. Just this month Carmel topped Money Magazine’s list of "100 Best Places to Live in America" with the number one spot.</p> <p>Constructed in 1998, the complex is situated on 8.13 acres. The property also includes a 5.8 acre adjacent land parcel which could be used to expand the existing building. The office space has a parking ratio of 6 spaces per 1,000 square feet. The warehouse section of the building is 100 percent climate controlled and includes 24’ clear heights, 40’ x 40’ column spacing, five loading docks (including exterior levelers), one straight bed dock and one drive-in door.</p> <p>The seller was represented in the transaction by Jake Sturman and Adam Broderick of Jones Lang LaSalle who also represented the buyer with the lease negotiation for Bell. The tenant was represented by Jeff Harris of NAI Meridian. BPG has named Jake Sturman and his team as the exclusive leasing agents for the complex, which currently has 44,000 square feet of industrial space available for immediate occupancy.</p> <p>4400 West 96th Street is the third acquisition BPG has made in the Indianapolis metropolitan area of Indiana. In 2005, the firm sold The Precedent Office Park, a one million square foot office complex which it had acquired in 1997. Also in 2005, the firm acquired Keystone at the Crossing, a 1,027,593 square foot office park on behalf of BPG Investment Partnership VII, L.P. Since acquiring Keystone, BPG has made significant capital improvements and increased occupancy from 75 percent to its current occupancy of 90 percent.</p> <b>About BPG Properties, Ltd.</b><br> 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 <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Joseph G. Nahas, Jr., Vice President, 215-575-2363 <br><br> <b>For additional information on the property, please contact:</b><br> Brian Dovalovsky, Asset Manager, 312-235-5991