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GARNER, NC-Philadelphia-based BPG Properties LTD has acquired the 310,811-sf North South Station at US Highway 401 and Garner Station Boulevard for $25.5 million. The purchase was made on behalf of BPG Investment Partnership VII, LP, a private equity fund operated by BPG with total equity commitments of $550 million.

The 75% leased property is comprised of two adjacent retail centers anchored by Wal-Mart, Staples and Hudson Belk. Other tenants include Bath & Body Works, the Athlete's Foot, Fashion Avenue of New York, Sally Beauty, Dollar Tree, Radio Shack, Subway and GNC.

"The acquisition of North South Station provided us with the opportunity to acquire a well located retail center in a growing suburban market," says BPG senior vice president Elizabeth Owens, who directed the acquisition. "We intend to increase the value of the center through extensive physical upgrades to the property and active management and leasing."

The seller, DIM Vastgoed NV, was represented by Casey Rosen and Nikolas Kozy, of Miami-based Blackrock Retail Property Advisors.

The property was sold with a vacant 46,328-sf space, which was formerly occupied by Winn-Dixie. The property was constructed in two phases, North Station in 1990 and South Station in 1998. It is located at the main entrance to the Lincoln Park South Business Park, a 70-acre mixed-use development that includes existing apartment units with office and industrial space. Affiliates of BPG acquired the office and industrial properties within the park in January 2006 as part of the $250-million acquisition of the four-million-sf Raleigh-Durham-based Parker Lincoln portfolio.

BPG Management Co.-NC, LLC will provide management services for the center. Leasing of the center will be handled by a local leasing firm to be appointed later in the month.

Instant Insights /

PA Firm Takes 310,811-SF Center for $25M Plus

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