Press Releases


<p><b>RALEIGH, NC. - (March 24, 2010) – </b>BPG Properties, Ltd. (BPG), one of the nation’s leading private equity real estate fund managers, announced today the sale of a 106,000 square feet office/warehouse property in Durham, North Carolina, to Summit Church for $9.5 million. The 23-acre property includes 2335 and 2415 Presidential Drive, two existing one-story buildings, and land for additional development of up to 65,500 square feet. It is situated in Presidential Park West, an eight building business park totaling 553,567 square feet, located near the intersection of Miami Boulevard and T.W. Alexander Drive.</p> <p>Summit Church chose to purchase the property to meet the need of its growing Baptist congregation of over 4,000 worshippers. For the past two years, the Church has occupied the entire 46,000 square feet of 2335 Presidential Drive. The Church plans on taking over occupancy of the other building once the existing leases expire and will convert the available land into surface parking. </p> <p>Summit Church was represented by Vernon Averett of Pickett-Sprouse Real Estate in the sale negotiations. </p> <p>BPG acquired the property in 2006 in the acquisition of the former Parker Lincoln Portfolio, consisting of 66 buildings totaling more than 4.2 million square feet of flex, industrial, and office space as well as land allowing for additional development of up to 530,000 square feet in Raleigh-Durham, North Carolina. The purchase was made on behalf of a joint venture between BPG Investment Partnership VII, L.P. (Fund VII), a fully discretionary private equity fund with total equity commitments of $550 million, and an institutional partner. </p> <p>The firm manages the portfolio through BPG Management Company – NC, LLC, a local property management firm that is headquartered in Raleigh, North Carolina. </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 25 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 <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly Reynolds, Vice President, 215-575-2363