BPG goes shopping in N. Carolina.

PHILADELPHIA, PA: BPG Properties, Ltd. announced the acquisition of North South Station, a 75% leased 310,811 s/f retail center in Garner, a densely populated suburb of Raleigh, North Carolina.

The property is located at the intersection of US Highways 401 and 70, two of the major thoroughfares in Raleigh and is comprised of two adjacent retail centers anchored by Wal-Mart, Staples and Hudson Belk.

The purchase was made on behalf of BPG Investment Partnership VII, L.P., a fully discretionary private equity fund operated by BPG with total equity commitments of $550 million. Nickolas Kozy of Blackrock Retail Property Advisors represented the seller in the transaction.

"The acquisition of North South Station provided us with the opportunity to acquire a well located retail center in a growing suburban market," stated Elizabeth Owens, senior vice president of BPG who directed the acquisition. "We intend to increase the value of the center through extensive physical upgrades to the property and active management and leasing."

Current tenants include Wal-Mart, Staples, Subway, Nationwide, Radio Shack and GNC. Presently, the largest vacancy is a 46,328 square foot anchor space that was formerly occupied by Winn-Dixie.