BH Properties Sells Virginia Office Facility

LOS ANGELES - Dec. 2, 2013 - PRLog -- In a strategic move to focus primarily on its West and Southwest portfolio, BH Properties, LLC has sold an 18-story office facility in Richmond, Va. for $7 million. Located at 700 E. Main St., the building was purchased by Shamin Hotels. Jimmy Appich and Gareth Jones of Lang LaSalle brokered the transaction for BH Properties.

     “In the last year, we have been actively seeking property assets in the West and southwest that meet our criteria,” said Steve Jaffe, executive vice president and general counsel of BH Properties. “This sale allows us to utilize that capital in seeking distressed opportunities in the markets we are involved with.”

     The 181,000-sqaure-foot Richmond office property – built in the early 1960s and then acquired by BH Properties in 2007 – is the first sale of the company’s assets in Virginia. BH Properties currently has two other properties in Virginia, a retail store in Gloucester and an office building in Glen Allen.

     “We are always looking for opportunities in all four of our product types – multifamily, industrial, office and retail,” said Jaffe. “That trend will continue for the balance of the year and into 2014.”

     Since 2012, BH Properties has acquired 20 properties in the west and southwest regions.

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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.