BPG sells Sandpointe property

The Philadelphia-based private equity real estate firm has sold its Sandpointe office building in California for close to $40m.

Philadelphia-based private equity real estate firm BPG Properties has sold the 200 East Sandpointe office building in Orange County, California for $39.7 million (€29.6 million). The firm acquired the building in 2003 through BPG Investment Partnership VI.

“The acquisition, renovation and sale of this office building is an example of the value add we strive to bring to our properties,” Andrew White, senior vice president of BPG, said in a statement. “As we grow our West Coast portfolio, we hope to continue to bring this type of quality and value to properties we acquire.”

BPG completed extensive renovations to the 150,560-square-foot, eight-story office building including improvements to the entrance lobby, a new roof and new landscaping.

Last month, the firm closed its latest fund, BPG Investment Partnership VIII, on more than $850 million. The new fund will invest in the office, multi-family, industrial and retail sectors in the US.

Founded in 1980, BPG has offices in Chicago, Los Angeles, Boston, Washington DC and Raleigh. The firm currently has more than 20 million square feet of office, retail, student housing and industrial real estate in its portfolio, as well as 25,000 apartment units.