BPG Propertieshas made its first acquisition for its latest value-added real estate fund, BPG Investment Partnership IX. The Philadelphia-based fund manager purchased Lincoln Town Centre, a 223,605-square-foot office complex in Scottsdale, Arizona, from Lincoln National Life Insurance for $34.25 million. The Class A property, which consists of two five-story office towers, currently is 67 percent leased. With Fund IX, “we’re looking for investments across diversified pools,” said Art Pasquarella, chief operating officer of BPG. The fund will invest in a mix of property types – multifamily, office, industrial and retail – as well as geographic markets. BPG has identified more than $100 million in potential investments for the fund, including the acquisition of two apartment communities in the mid-Atlantic states, which is due to close in the next 30 days. Fund IX raised $105.3 million with its first close in September 2011, including a $15 million commitment from the Pennsylvania State Employees’ Retirement System. The vehicle, which will employ leverage of 60 percent to 65 percent, is targeting $250 million in commitments and a net internal rate of return between 12 percent and 14 percent. A final close for the fund is scheduled for the end of 2012.
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