Realty Equity Partners buys Florida office center

BPG Properties Ltd. has sold Cypress Business Center in Jacksonville, Fla., for $15 million.

BPG Properties, a real estate investment manager for Berwind Property Group Ltd. and other institutional investors, sold the 121,758-square-foot office/flex center to Realty Equity Partners. Cypress Business Center was 99 percent leased at the time of closing, according to the BPG announcement.

John McRae and Dale Peterson of Trammell Crow Co. represented the seller in the transaction. There are four interconnected buildings at the nearly 15-acre site.

BPG's portfolio includes about 20 million square feet of office, retail, student housing, hotel and industrial properties, and about 22,000 apartment units in more than 90 communities throughout the country, according to the announcement.

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