{"id":1004039731,"date":"2012-03-01T05:06:23","date_gmt":"2012-03-01T13:06:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036952"},"modified":"2022-12-08T20:27:46","modified_gmt":"2022-12-09T04:27:46","slug":"bpg-acquires-scottsdale-office-complex-for-34m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bpg-acquires-scottsdale-office-complex-for-34m\/","title":{"rendered":"BPG Acquires Scottsdale Office Complex for $34M"},"content":{"rendered":"<p><strong>March 1, 2012<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030112-Lincoln-Towne-Center-Scottsdale.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004036953\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/030112-janelia-farm-research-campus-jll-management-wiki-user-matt-staley-300x197\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030112-Janelia-Farm-Research-Campus-JLL-Management-wiki-user-Matt-Staley-300x197.jpg\" data-orig-size=\"300,197\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"030112-Janelia-Farm-Research-Campus-JLL-Management-wiki-user-Matt-Staley-300&#215;197\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030112-Janelia-Farm-Research-Campus-JLL-Management-wiki-user-Matt-Staley-300x197.jpg?w=300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030112-Lincoln-Towne-Center-Scottsdale.jpg\" alt=\"\" title=\"030112 - Lincoln Towne Center Scottsdale\" width=\"300\" height=\"200\" class=\"alignright size-medium wp-image-1004036953\" \/><\/a><\/p>\n<p>Private-equity real estate fund manager BPG Properties Inc. has acquired Lincoln Towne Center in Scottsdale, Ariz., for $34.3 million from Lincoln Life Insurance Co. The 223,605-square-foot, Class A office complex was picked up by BPG\u2019s newest fund, BPG Investment Partnership IX L.P., marking the first buy for the fund. The property is currently 67 percent to tenants including CNA National Warranty Corp. and EMC Corp.<\/p>\n<p>Jonathan Praw, vice president &amp; head of BPG\u2019s West Coast office, oversaw the transaction on behalf of BPG. He called the sale an \u201copportunity to acquire a quality retail complex in the highly desirable Scottsdale submarket of Phoenix as a price substantially below replacement cost.\u201d The seller was represented by CBRE Group Inc. in the transaction.<\/p>\n<p>According to a fourth-quarter 2011 report by Colliers International, the greater Phoenix area saw the office sector gain ground for the third consecutive quarter, marking positive net absorption and a decline in the vacancy rate to 22.1 percent. \u201cThe recent stabilization in the office market brightens the outlook for 2012,\u201d the report noted, \u201cwhen economic expansion and employment growth are likely to accelerate.\u201d<\/p>\n<p>Part of the BPG\u2019s purchase price came courtesy a $22 million acquisition loan arranged by Churchill Commercial Capital. The complex, constructed in 1999, consists of two five-story towers with below-grade parking.<\/p>\n<p>Lincoln Towne Centre is the second acquisition BPG has made in the Scottsdale submarket. In 2008, the firm acquired L.P. Scottsdale Financial Plaza I on behalf of BPG Investment Partnership VIII. That propertiy is a 107,135-square-foot office building located less than 0.5 mile from Lincoln Towne Centre. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private-equity real estate fund manager BPG Properties Inc. has acquired the 223,605-square-foot, Class A Lincoln Towne Center in Scottsdale, Ariz., for $34.3 million from Lincoln Life Insurance Co.<\/p>\n","protected":false},"author":1201,"featured_media":1004036957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21742,21747],"tags":[],"class_list":["post-1004039731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BPG Acquires Scottsdale Office Complex for $34M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bpg-acquires-scottsdale-office-complex-for-34m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BPG Acquires Scottsdale Office Complex for $34M\" \/>\n<meta property=\"og:description\" content=\"Private-equity real estate fund manager BPG Properties Inc. has acquired the 223,605-square-foot, Class A Lincoln Towne Center in Scottsdale, Ariz., for $34.3 million from Lincoln Life Insurance Co.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bpg-acquires-scottsdale-office-complex-for-34m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-01T13:06:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:27:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030112-Lincoln-Towne-Center-Scottsdale.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"551\" \/>\n\t<meta property=\"og:image:height\" content=\"368\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"BPG Acquires Scottsdale Office Complex for $34M\",\"datePublished\":\"2012-03-01T13:06:23+00:00\",\"dateModified\":\"2022-12-09T04:27:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/\"},\"wordCount\":271,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/03\\\/030112-Lincoln-Towne-Center-Scottsdale.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bpg-acquires-scottsdale-office-complex-for-34m\\\/\",\"name\":\"BPG Acquires Scottsdale Office Complex for $34M - 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