“BH Properties had a very successful year in the purchase and sale of its properties across the nation,” said Steve Jaffe, executive vice president and general counsel of the company. “We are particularly excited about our Southwest ventures and what that will mean to our investment strategy in 2014.”
The company acquired properties in all of its major disciplines – multifamily, retail, office and industrial, and will continue to keep its “value-added” focus in its core markets like Arizona and California. This past year also saw the firm move back into the Denver and Texas markets in acquisitions, closing two purchases, with additional purchases expected in 2014.
Some of 2013’s acquisition and disposition highlights include:
• Gilbert Town Square: The $13.4 million late December purchase of the 159,000-square-foot Class A retail shopping center is situated within the highly affluent Phoenix submarket of Gilbert, Ariz. Constructed in several stages from 2001-2004, the eight building asset has tasteful architectural nuances and strong curb appeal, indicative of the historical accents of the region. Gilbert Town Square is anchored by Regal Theaters and is shadow anchored by Brunswick Bowling Lanes. The center’s prominent exposure along Gilbert Road has historically been a key to attracting national tenants such as Chipotle, Sport Clips and Pei Wei.
• Richmond Office Property: The $7 million sale, which was the first sale of the company’s assets in Virginia as a part of a more westward focus, involved an 181,000- square-foot office building sold to Shamin Hotels, which plans to reposition the asset as a flagged hotel.
• Lake View Center: The 106,345-square-foot Class A office property, consisting of two office buildings located in Ontario, Calif., was acquired for $13.8 million.
• Terrace Park Apartments: A 214-unit multifamily property, located in Phoenix, was acquired for $6.2 million.
• Madera Court Apartments: The $9.6 million purchase, which was part of a portfolio sale, involved 286 units in Phoenix. This purchase marked BH Properties’ ninth multifamily property in Arizona in 24 months.
About BH Properties, LLC:
Founded in 1997, BH Properties is a Los Angeles-based commercial real estate investment company that focuses primarily on troubled assets in the industrial, multi-family, office and retail markets. With regional offices in Dallas and Salt Lake City, BH Properties has developed its own distinctive acquisition strategies in 18 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, and Texas. For more information, please call (310) 820-8888 or visit www.bhproperties.com