A cluster of warehouses in North Raleigh is quietly becoming a source of intrigue among Triangle commercial real estate brokers and investors.

BPG Properties, which bought the buildings from The Jack Parker Corp. in early 2006, wants to sell the 846,000-square-foot portfolio known as Lincoln Park North.

Observers are keeping an eye on who will bid on the 15-building package, how high the bids will go -- and whether they will be high enough for BPG, which is based in Yardley, Pa.

BPG bought the properties as part of a 4.4-million-square-foot portfolio that included 65 light industrial, warehouse and office buildings and 12 undeveloped acres across the Triangle.

The $250 million deal, one of the region's biggest, came as prices for commercial property were rising around the country.

Broken out, BPG paid about $39.5 million for Lincoln Park North, according to property records. The buildings are, on average, are 21 years old and about 90 percent occupied.

The price, almost $47 per square foot, was about 18 percent less than similar properties were selling for at the time -- a discount likely achieved by buying the big Parker portfolio at wholesale.

By breaking off Lincoln Park North and selling it at a retail price, BPG likely would walk away with a sizable gain. But how sizable?

When it bought the properties, lenders were asking investors to pay 15 percent to 20 percent equity in acquisitions -- which made it easier for many highly leveraged investors to compete for properties. More bidders meant higher prices. And if getting loans was still as easy, at least 15 bidders likely would come to the table, driving up the potential price of Lincoln Park North.

But getting money's not as easy. As the economy has slowed, financiers have been tightening lending requirements for commercial real estate, raising borrowing costs and asking investors to pay more equity -- often as much as 35 percent. That could mean fewer bidders and lower prices.

But there's disagreement among brokers about what the property would fetch if it sells.

Some think the property will attract ambitious bids of $60 million or more. This would make sense, given the strength of the region's warehouse market. A low regional vacancy rate, rising rental rates and a land crunch that is making it difficult for many competitors to build create the potential for lucrative lease renewals.

There's also an attractive long-term scenario: The 56-acre park, off Interstate 540 and U.S. 1, has the potential for redevelopment as offices, shops or homes.

But other brokers are thinking more conservatively, suggesting a price of $55 million or less, given the lack of bidders.

Jim McMillan of Raleigh brokerage Grubb & Ellis/Thomas Linderman Graham is listing the property for BPG.

What does he think?

"It's for sale," McMillan says, "and that's all I can tell you."

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