Press Releases


<p><b>PHILADELPHIA, Pa. – (May 15, 2008) - </b>BPG Properties, Ltd (BPG), one of the nation’s leading private equity real estate fund managers, announced the execution of a 10 year build-to-suit lease for more than 406,000 square feet with Solaris Paper, Inc. on a 29 acre parcel in the North Shenandoah Industrial Park near the intersection of Interstates 81 (I-81) and 66 in Shenandoah County, Virginia. The location of this new facility provides Solaris with easy access to the Virginia Inland Port, which was a driving factor in the firm’s decision to locate its operation in Shenandoah County.</p> <p>“We congratulate Solaris on their expansion to the East Coast and are thrilled to team with them as they continue to grow their business in North America,” commented Daniel M. Dilella, Jr., Vice President, Industrial Properties for BPG. “This project is an excellent example of the growth occurring along the I-81 corridor.”</p> <p>Solaris Paper, Inc. is the North American sales and marketing group for LIVITM brand and private label products which includes various towel, tissue and napkin items. The Solaris North American headquarters are located in Santa Fe Springs, California. The new facility will be the first on the East Coast for Solaris and is expected bring more than 130 jobs to Shenandoah County.</p> <p>“Shenandoah County welcomes Solaris Paper, Inc., and we are glad they have decided to locate their East Coast operations here,” said Susie Hill, economic development director, Shenandoah County Economic Development. “We believe their selection was based on the economic opportunities and convenient location our region provides and we look forward to the jobs that will be created as a result.”</p> <p>BPG Development Company, L.P., the development arm of BPG, will oversee the development and construction of the project on behalf of BPG Investment Partnership VIII and VIII A, L.P., a fully discretionary private equity fund with total equity commitments of $850M. Scheduled for completion in the fourth quarter of 2008, the facility will be of institutional quality and will feature concrete tilt up construction, 32’ clear ceiling heights, an ESFR sprinkler system and cross-docking with 50 dock doors and 50 trailer spaces. The construction and operation of the facility will have sustainable features including high efficiency lighting, a TPO white roof and an extensive recycling program where paper waste, wood pallets and water based glue are all recycled. The site has also been designed and approved for up to an additional 100,000 square feet.</p> <p>As further evidence of the growth in the I-81 corridor, an affiliate of Ply Gem Industries, a leading manufacturer of residential exterior building products, signed a 268,000 square foot long-term lease at BPG’s 4500 Early Road property in Harrisonburg, Virginia, approximately 50 miles south of the Solaris facility. The 358,000 square foot facility, known as the I-81 Distribution Center, was acquired vacant on behalf of BPG Investment Partnership VII and VII A, L.P., a fully discretionary private equity fund with total equity commitments of $550 million in December 2006. Since that time, BPG has overseen the engineering of the site and has received municipal approvals for an additional 430,000 square feet of development.</p> <p>John Lesinski and Joshua Gurland of Leland Group Commercial Real Estate, LLC represented the landlord in the lease negotiations with Ply Gem.</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 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<br> <br> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly Reynolds, Vice President, 215-575-2363<br> <br> <b>For additional information on the properties please contact:</b><br> Daniel M. Dilella, Jr., Vice President, Industrial Properties, (215) 575-2352