New York-based Rosemont Real Estate has acquired a 51 percent controlling interest in BGK Group, a commercial property and asset management firm based in Santa Fe. BGK has regional offices in Denver, Albuquerque, Houston and Peoria, Ill.
BGK will operate under the name Rosemont Realty LLC and will keep BGK’s senior management and asset management teams. The BGK portfolio is comprised of more than 12.5 million square feet of commercial office property, 500,000 square feet of retail space and more than 2,000 multi-family units.
“The BGK-Rosemont partnership enters the market at a time when traditional leaders in commercial property are severely limited by financial distress, mortgage obligations and lack of access to debt or equity financing,” said Daniel C. Burrell, the new CEO of Rosemont Realty. “This has resulted in an opportunity for Rosemont Realty to benefit from an environment of reduced competition, historically higher cap rates, more conservative capital structures and improved deal terms in the market.” The Denver Post
