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With thanks to Bentley collegue Kees van Prooijen for providing this macro.
The attached zip file includes a VBA text2xfm.mvba with documentation that describes how to load business properties from text strings. The text (or text node) will become an XFM feature and the property is loaded with the text string. If the property already exists, it is updated. The result can be exported to a point SHP file including the text property.
Update 2018-11-22: This macro has been tested on V8i and CONNECT Edition.
Text2XFM1.8.zip
Source: https://communities.bentley.com/products/geospatial/desktop/f/bentley-map-forum/125146/export-to-shp-from-bentley-map