BH Properties Closes 2012 on High Note

PRLog (Press Release) - Jan. 4, 2013 - BH Properties LLC, demonstrating its penchant for working through difficult transactions, time-sensitive closing factors and its expertise in repositioning real estate, is reporting one of its most successful years in its 15-year history with more than $70 million in acquisitions and dispositions in 2012.

“BH Properties concluded this year with a bang,” said Steven Jaffe, executive vice president. “We are especially pleased in how our multifamily ventures are proceeding, which we have made one of our top priorities in 2012. We expect even bigger things in 2013 for the company as we look to expand our presence and build on our existing California portfolio.”

Some of the highlights for 2012 include:

• 6700 South Pella Drive: The $5.2 million purchase of the 260,000-square-foot manufacturing and warehouse facility in Tucson, Ariz. from seller Pella Corporation.
• 3-Property Loan: The purchased loan secured by three pieces of collateral—industrial, office and land—in both Texas and Arizona was closed, close to par, in less than 48 hours.

• Seattle Industrial Park Loan: The purchase of the performing loan for a 177,046-square-foot industrial business park facility situated on 6.7 acres in Seattle, Washington closed in 48 hours.

• Arizona Multifamily Note: The off-market purchase of a note secured by a 209-unit multifamily project in Mesa, Ariz. that features 13 two-story buildings closed in one week.

• Las Vegas Industrial Property: The purchase of a single-tenant industrial property located near the Las Vegas Strip and was built in 1995 on a 4.54-acre site consists of two industrial warehouse buildings containing a total of 65,600 square feet.