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by CareyBot

BPG Investment Partnership VIII and VIII A L.P. (Fund VIII) this week announced it paid $169.5 million for a nine-building mixed-use property in San Jose, Calif., which it plans to renovate extensively. Sold by a partnership between Divco West and RREEF, the 600,000-square-foot Park Center Plaza occupies nearly an entire city block in the central business district. It is comprised of approximately 538,000 square feet of mid- and high-rise office space and approximately 62,000 square feet of restaurant and retail space, and includes a 1,074 space parking garage. "This transaction provided us with the opportunity to acquire a well located mixed-use property below replacement cost in a market that has been experiencing improved occupancy and rental rates," said Andrew White, s...