Nov. 12, 2012
-- BH Pella Drive, LLC, an affiliate of Los Angeles-based commercial real estate investment firm BH Properties, has purchased the former Pella Corporation building (also known as the Aero Business Park) in Tucson, Arizona for $5.2 million.
“This purchase is directly in line with our plan to double the size of our Arizona portfolio over the next 12 months,” said Steve Jaffe, executive vice president of BH Properties. “This marks our first purchase in the Arizona industrial market as the firm continues to look to make smart, strategic additions to its assets in Arizona industrial, office, multi-family and retail.” He adds, “As we move to redeploy capital from our East Coast investments into our core Western states markets, we will look to execute more transactions like this one – where we can add value to well-located properties.”
Built in 1985, the 260,000-square-
foot manufacturing and warehouse facility is located at 6700 South Pella Drive. The deal comes on the heels of BH Properties’ acquisition of the 280-unit multifamily property Smoke Tree Apartments in Phoenix.
BH was represented by Steve Cohen and Russell Hall of Picor Commercial Real Estate Services. Pella Corporation was the seller and was represented by Chuck Pawlak of Binswanger.