LOS ANGELES/PHOENIX— BH Properties, LLC, a commercial real estate investment firm, is reporting more than $45 million in acquisitions in the first two quarters of 2013. In addition to some key acquisitions in Southern California, the Los Angeles-based firm had an increase in its Southwest portfolio, which brings its number to more than 15multifamily, retail and industrial properties in Arizona.
“We are very pleased in how our strategy this year has provided us with great opportunities and key acquisitions and we are anticipating a strong finish for the next two quarters,” said Executive Vice President and general counsel of BH Properties Steve Jaffe. “We are well ahead of where we were last year at this point and should exceed our acquisition goals for 2013. We continue to focus on the Southwest and Western states, looking for opportunities in all four of our product types – multifamily, industrial, office and retail. Our purchases up to this point are a great reflection of our overall portfolio – multifamily, industrial and office – some were purchased completely vacant while others were stabilized in improving markets. That trend should continue for the balance of the year.”
Some of the highlights for the first half of 2013 include:
· Vista Ventana:A 275-unit multifamily property acquisition located in Phoenix, Ariz. for $10.2 million.
· 2085 Rustin:A 147,194-square-foot office property acquisition located in Riverside, Calif. for $10 million was completed via Auction.com. The two-story property underwent extensive tenant improvements in 2000, is situated on approximately 14.5 acres at the base of the Box Springs Mountain and allows for regional accessibility to multiple major Southern California freeways.
· Lake View Center:A 106,345-square-foot Class A office property acquisition located in Ontario, Calif. for $13.8 million.
· Terrace Park Apartments: A 214-unit multifamily property acquisition located in Phoenix, Ariz. for $6.2 million. This acquisition gave BH Properties its 8th multifamily property in Arizona in the past 24 months.
· Avalon Hills:Multifamily acquisition of 205 units of the Avalon Hills Condominiums located in Phoenix, Ariz. for $5.6 million.
· Tres Puentes Distribution Center:A 313,120-square-foot industrial center located in Hidalgo, Texas acquisition for $8.6 million was completed via Auction.com. This transaction marked BH’s second property in the submarket (with the prior purchase in McAllen, Texas).
· 2500 E. Chambers:A 99,969-square-foot industrial property acquisition located in Phoenix, Ariz. For $2.7 million.
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 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.