Press Releases

BPG ANNOUNCES SALE OF 605 TERRITORIAL DRIVE IN BOLINGROOK, IL

<p><b>Chicago, IL. – (March 31, 2011) - </b> BPG Properties, Ltd. (BPG), one of the nation’s leading private equity real estate fund managers, announced today the sale of 605 Territorial Drive, a 182,400 square foot warehouse/manufacturing facility in Bolingbrook, Illinois, to KTR Capital Partners (KTR) for $7.35 million. KTR was represented by Daniel Cawley, president, and Terry Grapenthin, senior vice president, of Cawley Chicago Commercial Real Estate. </p> <p>“Based on the dearth of available quality industrial product in Chicago, the time was right to take advantage of the capital markets and deploy the sale proceeds for other purposes,” commented Joseph I. Neverauskas, senior vice president of BPG who is in charge of the firm’s Chicago Regional Office and was responsible for overseeing both the acquisition and sale of the property. </p> <p>In 2004, BPG acquired 605 Territorial on behalf of BPG Investment Partnership VI, L.P., a $384 million private equity fund, from the Naperville based Tellabs, Inc., who owned and occupied the facility. The acquisition included 605 Territorial Drive and 1000 Remington Boulevard, two office/warehouse/lab facilities totaling 730,500 square feet located within one block of each other in Remington Lake Corporate Center. BPG will continue to own, manage and market the 548,000 square foot office building which was renamed Tallgrass Corporate Center. </p> <p>605 Territorial Drive was originally constructed in 1998 as a Tellabs facility. It was built to specifications preferred by today’s tenants and features 30 foot ceiling heights, ESFR sprinkler system, Electro-Static-Dissipating epoxy finished floors throughout the warehouse section, full climate control and six-inch, steel-reinforced, laser-leveled concrete floors. It has 28 docks with 130 foot minimum truck court depths and 49 by 40 foot bays. In March 2010, Jet Lithocolor, Inc. (Jet) executed a lease for 94,118 in the building. </p> <p>Since the acquisition of Tallgrass Corporate Center in 2004, BPG has completed a $13 million dollar capital improvement program to transform that property into a Class A office facility. More than 450,000 square feet of the property has been leased subsequent to its completion. In 2009, Tallgrass was awarded The Office Building of the Year (TOBY) by The Building Owners and Managers Association of Suburban Chicago (BOMA/Suburban Chicago). Tallgrass Corporate Center is situated on 50 acres, offering a tranquil setting, and on-site amenities including conference facilities, a fitness center and a full service cafeteria.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.bpgltd.com. <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Joseph G. Nahas, Jr, Vice President, 215-575-2363<p> <b>For additional information on the sale transaction, please contact: </b><br> Joseph I. Neverauskas, Senior Vice President, 312-427-8740<p> <b>For additional information on Tallgrass Corporate Center, please contact: </b><br> Brian Dovalovsky, Asset Manager, 312-235-5991