DURHAM, NC-Philadelphia-based BPG Properties Ltd has acquired Triangle Business Center, a 399,210-sf, four-building office complex for $36.65 million. The center, located at 4020-A, 4020-B, 4022, and 4024 Stirrup Creek, was acquired from Boston-based New Boston Fund Inc. on behalf of the $550 million BPG Investment Partnership VII LP.

The center consists of a two-story building with an atrium lobby, three one-story flex buildings and on-site recreation and picnic areas. The buildings were constructed between 1984 and 1988. The property was 83% leased at the time of the sale. The company plans to initiate a multimillion-dollar capital improvement program that will include replacing the roofs and improvements to the HVAC system.

BPG vice president George Haines tells GlobeSt.com that the property’s location made it attractive for acquisition. “We found this property to be a nice addition to what we already own in the area,” he says. “These are brick buildings instead of tilt-up concrete so it offers something that’s a bit more upscale.”

Triangle Business Center is located in the Research Triangle Park/Interstate 40 submarket, situated at the intersection of Southern Parkway and Miami Boulevard. The properties are located adjacent to Research Triangle Park and 6.5 miles west of the Raleigh-Durham International Airport. The property has immediate access to US 70, Interstate 540 and Interstate 54.

According to the 2000 census, Raleigh-Durham is the sixth fastest growing metropolitan area in the US. Employers in the area include IBM, Nortel, Cisco, GlaxoSmithKline, Sony Ericsson and BASF.

Ben Kilgore and Bill Prutting Jr., of CB Richard Ellis’ Raleigh and Washington, DC offices, represented the seller. New Boston Fund had owned the property since 2000.

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