“This transaction closed at a great price for a high quality asset and is a perfect way to start 2013,” said Executive Vice President of BH Properties Steve Jaffe. “We had one of our most successful years in our 15 years as a company, with more than $70 million in acquisitions and dispositions in 2012 and we expect to keep it going in 2013, aggressively expanding further into our core markets.”
Built in 1983, the two-story Rustin property underwent extensive tenant improvements in 2000. Situated on approximately 14.5 acres at the base of the Box Springs Mountains, the building allows for regional accessibility and provides occupants quick access to multiple major Southern California freeways including I-215, I-10 and state route 91. It features an abundance of surface parking with approximately 1,213 stalls resulting in a parking ratio of just over eight per 1,000 square feet. The property is currently 64 percent occupied by publicly traded telecommunications giant AT&T.
BH Properties’ Director of Acquisitions Andrew Van Tuyle, noted, “The combination of lot size, clear height and parking ratio allows us to offer amenities not available anywhere else in Riverside. We are excited for what the future holds.” He added, “This transaction played to our strengths: fast closings on complicated deals that other buyers find problematic. Our “solution oriented” approach is always appreciated by brokers. We’ve now completed deals with all of the major special servicers, and are looking forward to continuing our success on Auction.com.”
BH Properties was represented by David Mudge of Lee & Associates while the seller, Century Park Partners, LLC was represented by Sean Fulp of Rockwood Real Estate Advisors. The marketing of the asset was handled by Auction.com.
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, Texas, and Oklahoma. For more information, please call (310) 820-8888 or visit http://www.bhproperties.com