X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.