BPG Properties, Ltd. Acquires Winterwood Pavilion in Las Vegas, NV for $23,880,000.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group Properties, Ltd. (BPG), a private equity real estate fund manager, has announced the purchase of Winterwood Pavilion, a 144,653 square foot shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into for $23,880,000. At the time of acquisition, the property was 90 percent leased. The purchase was made on behalf of BPG Investment Partnership VIII, L.P., a fully discretionary private equity fund with total equity commitments of $850 million. Reza Etedali and Aaron Bettencourt of Reza Investment Group, Inc. represented the seller in the transaction. Winterwood Pavilion is anchored by a Vons supermarket, which is owned and operated by Safeway, Inc., one of the largest food and drug retailers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and includes three out parcels. The center has a mix of national and regional credit tenants including Aaron Rents, the leader in the rental, lease ownership and specialty retailing of residential and office furniture, consumer electronics and home appliances, Carl's Jr., Panda Express Panda Express is a fast casual restaurant chain serving Americanized Chinese cuisine. It operates mainly inside the United States of America, in shopping malls, supermarkets, airports, train stations, strip plazas, theme parks, and college campuses. , Little Caesar's Pizza, Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. and Blockbuster Video. "The acquisition of Winterwood Pavilion provided us with the opportunity to acquire a well located grocer anchored retail center at a price below replacement cost," stated Elizabeth Owens, senior vice president of BPG who oversees the firm's retail acquisitions and was assisted in the transaction by Maureen Shanahan, associate. "We plan to leverage BPG's direct operating approach and execute capital improvements to enhance and improve the retail experience that Winterwood offers." Located on Nellis Boulevard with secondary frontage on Sahara Avenue, Winterwood Pavilion is perfectly situated on two major thoroughfares and is positioned to take advantage of the booming Las Vegas retail market. Las Vegas is one of the fastest growing metropolitan areas in the nation, with an average of 7,000-8,000 people moving to Las Vegas monthly. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. has been named the property manager for the center and Nelson L. Tresslor of Grubb and Ellis has been named exclusive leasing agent. "Winterwood is a perfect example of BPG executing on its Fund VIII investment strategy," Elizabeth Owens further explained. "We are actively seeking to acquire additional retail properties across the country that can benefit from our direct operating platform." About BPG Properties, Ltd. BPG Properties, Ltd. is a private equity real estate fund manager based in the Philadelphia area. The firm's portfolio consists of over 20 million square feet of office, retail, student housing and industrial properties and more than 25,000 apartment units in over 100 communities located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For additional information on BPG, please visit www.bpgltd.com. |
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