Torrance, CA – April 9, 2013 – (RealEstateRama) — BH Properties, LLC, demonstrating its penchant for working through difficult transactions and its expertise in repositioning real estate, has acquired a 106,345-square-foot office property in Ontario for $13.8 million. The transaction comes on the heels of BH Properties’ acquisition of the 150,000-square-foot AT&T offices at 2085 Rustin Ave in Riverside, Calif. in January.
“This Class A property is well located in a market that is showing signs of recovery,” said Executive Vice President of BH Properties Steve Jaffe, noting that this acquisition gives BH its third purchase in Southern California in the last seven months. “The company is very excited about our recent acquisitions in the Los Angeles basin. After an 8-year hiatus from California purchases, this property (along with the other two recent transactions) marks a new acquisition strategy for the company – while still seeking value-add type assets, we now are looking to acquire higher quality properties in more densely populated areas.”
Located at 3257 & 3237 E. Guasti Road, the property, named Lake View Center, was built in 2004 and is currently 62 percent leased. BH Properties plans to invest additional capital into the project and lease it up to full occupancy as a long term hold for the company. The purchase included approximately 1.6 acres of additional developable land, and is currently occupied by East West Bank, T-Mobile and University of La Verne, to name a few.
The seller, PCCP and The Muller Companies, were represented by Kevin Shannon, Darla Longo and Phil Woodford of CBRE, while BH Properties was self-represented.
About BH Properties
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 17 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, Texas, and Oklahoma. For more information, please call (310) 820-8888 or visit www.bhproperties.com
