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JACKSONVILLE, FL-BPG Properties Ltd., the operating affiliate of Philadelphia-based Berwind Property Group Ltd., has acquired Corporate Plaza, a 230,276-sf, 73%-leased, class B office building here. The deal is for its new $550-million BPG Investment Partnership VII L.P. fund.

The fund paid El Segundo, CA-based TIAA Realty Inc. $19.2 million, or $83.38 per sf, for the eight-building property, 21-year-old property at Interstate 95 and Baymeadows Road within the Deerwood Center business park. This is the fund’s first acquisition. The fund plans to finance the all-cash purchase within the next 30 days, a representative of the firm tells GlobeSt.com.

BPG officials plan to spend more than $1 million in renovations that could transform the property into a class A asset shortly. Renovations will include resurfacing the parking lot, new signage, new awnings, landscaping upgrades and common area improvements.

John Brogan, vice president, BPG Properties, who was responsible for the acquisition, calls Corporate Plaza “an excellent addition to our existing Jacksonville portfolio and a solid acquisition to kick off our seventh fund.” Greg Curci, a BPG asset manager who will operate the new investment, is confident the property’s occupancy level will rise quickly “as the Jacksonville market continues to improve.”

Although categorized as a class B product, Brogan believes the property’s campus setting is “unique in the market.” He says the eight buildings are “centered around a natural landscape of trees, ponds and winding paths, all of which overlook a picturesque lake.” The property has “excellent” access to I-95 via Baymeadows Road which is about one-quarter mile from the property, Brogan says.

Asking average gross rents at the 8647-8663 Baypine Rd. property range from $15.50 full service for the single-story buildings and $16.50 per sf for the three-story buildings. The properties were built between 1984 and 1986.

John McRae and Dale Peterson of Trammell Crow Co. negotiated for the seller. Lou Nutter and Doug Hudson of CB Richard Ellis Inc. are the exclusive leasing agents for the eight buildings. CBRE will manage Corporate Plaza.

An affiliate of BPG Properties owns and operates Cypress Business Center here, a 128,000-sf office building at 8301 Cypress Plaza Dr. BPG’s national portfolio consists of 35 million sf of office, residential, retail, hotel, student housing and industrial properties in major metro centers.

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