BH Properties Acquires 55,000 SF Industrial Complex in Las Vegas for $2.8 Million

LAS VEGAS - Jan. 19, 2015 - PRLog -- BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed commercial real estate properties, has purchased the 55,000-square-foot Addison Complex industrial facility for $2.8 million. The asset comprises 5265-5685 Cameron St. and 4080 W. Russell Road in Las Vegas.

BH Properties plans to reposition the vacant property prior to leasing the space, which includes altering the multi-tenant layout to create only two tenant spaces. Construction is slated for completion in mid-2015. The property was built in 1984.

“Addison Complex is a great value-add investment given that the demand for industrial properties within the area is growing,” said Steve Jaffe, chief investment officer and principal of BH Properties. “We plan to reposition the property with key upgrades to improve the quality of the facility, while utilizing the uptick in the area’s industrial sector to implement competitive asking rents upon construction completion.”

The Las Vegas area has seen significant improvements in the past several months, after experiencing a slow recovery post-recession. The industrial sector, specifically, showed a strong recovery within the last quarter, with the largest gains of any sector. Reports show the vacancy rates for this sector continuing to fall over the past year, decreasing from 12.6 percent in the third quarter of 2013, to 8.6 percent in the third quarter of this year.

“BH Properties was accommodating and flexible in this transaction, allowing us 90 days post-closing to identify and relocate to our new location, while remaining on the premises,” said Steve VanMeetren, manager of the VanMeetren Family Limited Partnership and chief executive officer of Addison Communications and Construction.

David Frear, Senior Vice President of Colliers International, represented BH Properties in the transaction. Charlie Mack, president and broker at Mack Realty, represented the seller, VanMeetren Family Limited Partnership.

“BH Properties’ vision to reposition this building was the only way to make the purchase sensible,” said David Frear, SIOR, senior vice president at Colliers International. “The complexity and variety of issues BH Properties resolved would have deterred many other investors, but the firm’s expertise, integrity and out-of-the box thinking helped facilitate a successful transaction – putting BH Properties at the top of my list of investment companies to work with in the future.”

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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 15 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, and Texas. For more information, please call (310) 820-8888 or visit www.bhproperties.com.