BPG Affiliate Pays $34M for 2nd Scottsdale Office Complex
- Mar 15, 2012
Lincoln Towne Centre, a 223,605-square-foot office complex in Scottsdale, has come under the ownership of BPG Properties Ltd. A newly formed affiliate of the private equity management company acquired the property from Lincoln National Life Insurance Co. in a $34.3 million deal, the Phoenix Business Journal reported. A team from CBRE Group Inc. represented Lincoln National in the transaction.
Built in 1999, Lincoln Towne Centre consists of two five-story office buildings located at Drinkwater Boulevard and Indian School Road, within easy access to Loop 101 and near Scottsdale City Hall. Notable properties nearby include the 2 million-square-foot Scottsdale Fashion Square, the Southwest’s largest retail center; the 1.1 million-square-foot Scottsdale Waterfront development; and the W Scottsdale hotel.
The recent deal marks BPG Properties’ second purchase of a property in the city, following its acquisition of the 107,135-square-foot Scottsdale Financial Plaza I. Since that 2008 transaction, BPG has raised occupancy at the property from 78 percent to 97 percent. The new owners are endeavoring to repeat that success at Lincoln Towne Centre, which was 67 percent occupied at the time it changed hands.