Press Releases


<p><b>INDIANAPOLIS, IN. – (September 27, 2010) – </b>BPG Properties, Ltd. (BPG), one of the nation’s leading private equity fund managers, announced today the sale of 8480-8520 Keystone Crossings, a three building office and retail property totaling 117,276 square feet in Indianapolis, Indiana for $15,500,000 to PWA Keystone Crossing, L.P., an affiliate of PWA Real Estate, LLC. The property is situated adjacent to Keystone at the Crossing, the firm’s one million square foot office park.</p> <p>“We were pleased to announce the sale of 8480-8530 Keystone Crossing,” commented Christopher J. Locatell, vice president of BPG who is in charge of the firm’s disposition activity. “Despite the challenging market conditions, the asset’s strong occupancy, credit tenancy and diverse tenant mix attracted numerous bidders.”</p> <p>The seller was represented in the negotiations by Rebecca Wells, senior vice president of Cassidy Turley’s Indianapolis office.</p> <p>In 2005, BPG acquired 8500 Keystone Crossing, the 100,353 square foot office building, as part of a six building portfolio transaction. At that time, 8500 Keystone Crossing was approximately 79% occupied with near-term expirations of another 10%. Presently, the building is 88% occupied by tenants including the General Casualty Company, GSA/SBA, 20/20 Institute and M/I Homes with no lease expirations during the next three years.</p> <p>During its ownership, BPG completed $1.5 million in improvements to the building that included lobby refurbishment, corridor and restroom renovations, façade cleaning and painting, elevator modernization and improved exterior landscaping and signage. In 2008 and 2009, the building was awarded the Energy Star Rating.</p> <p>“In addition to the office building improvements undertaken during our ownership, between 2007 and 2008, we identified the opportunity and secured the development of 8480 and 8520 Keystone Crossing, two, single-story built-to-suit retail buildings on excess land situated adjacent to 8500 Keystone,” commented Brant Glomb, vice president of BPG who was responsible for the asset management of the property.</p> <p>The 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. 8480 Keystone Crossing totals 7,730 square feet while 8520 Keystone Crossings totals 9,193 square feet. Both retail buildings are under long-term NNN leases.</p> <p>The property was acquired and developed on behalf of BPG Investment Partnership VII, L.P., a fully discretionary private equity fund with total equity commitments of $550 million.</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 24,000 apartment units in nearly 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> Joseph G. Nahas, Jr, Vice President, 215-575-2363<br> <br> <b>For additional information on the sale transaction, please contact:</b><br> Christopher Locatell, Vice President, 215-575-2349<br> <br> <b>For additional information on Keystone Crossing, please contact:</b><br> Brant Glomb, Vice President, 312-673-3593<br>