Search
 

Philly Investor Makes MN Debut With $86M Buy

MINNEAPOLIS-BPG Properties Ltd., the real estate investment manager for Berwind Property Group, Ltd. completes its purchase of the 936,000-sf Interchange Office Park.

By Dana Dubriwny | Updated on August 09, 2006

MINNEAPOLIS-Philadelphia-based BPG Properties Ltd., the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, has completed its purchase of the 936,000-sf Interchange Office Park. The $86-million purchase was made on behalf of BPG Investment Partnership VII, LP, a fully discretionary private-equity fund with total equity commitments of $550 million.

In addition to investing $10 million into common-area capital improvements, the new owners are renaming the four-building office complex Metropoint, the Center for Business. This is the first Minneapolis investment for BPG.

The company has retained Cushman & Wakefield of Minnesota Inc. to lead on-site property management, while Northstar Partners, an independent member of the Cushman & Wakefield Alliance, is assuming leasing responsibilities. Jill Rasmussen, Gordon Hampson and Jason Butterfield of Northstar have been named its exclusive leasing team.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.