BH Properties Heats Up Presence in Arizona with $55.3 Million Invested in Two Months: California Inv
The nationally recognized commercial real estate investment firm BH Properties continues to increase its Arizona portfolio, acquiring three assets in Greater Phoenix since April. The company has invested approximately $55.3 million in the market in the past two months. BH Properties now owns 21 properties comprised of more than 1.25 million square feet of commercial space and more than 1,500 apartment units in Arizona.
“We were excited to close three transactions with three different brokerage firms within weeks of each other,” says Andrew Van Tuyle, senior managing director of investments for BH Properties. “We view Greater Phoenix as a dynamic market with a growing presence on the national stage and are excited to expand our position in the city. We’re looking to acquire over $100 million more in Phoenix in the near future.”
In June, BH Properties acquired Northsight Financial Center, located at 14500 N. Northsight in Scottsdale. The 120,040-square-foot, Class A office building is situated in North Scottsdale just off the Loop 101 Freeway. The contemporary, three-story office building was constructed in 2000 and sits on 4.79 acres. BH Properties purchased the property from Invesco for $23.8 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE handled the transaction.
Also in June, BH Properties purchased Riverpoint Building #2 at 3100 E. Broadway Road in Phoenix. The $5 million asset is a single-story, vacant office building located just south of Sky Harbor International Airport just off Interstate 10. Built in 2002, the building offers ±61,316 square feet of space and is situated on ±5.34 acres of land. Larry Downey, Brett Thompson, Eric Wichterman and Mike Coover of Cushman & Wakefield handled the transaction.
These two acquisitions follow BH Properties’ purchase in May of the Honeywell Aerospace DSES Glendale Campus. That property, located at 19019 N. 59th Ave., contains 252,300 square feet of space built on over 45 acres of land. The property is fully occupied by Honeywell Aerospace. Located in the heart of Arrowhead Ranch, the campus is just off the Loop 101 Freeway in West Phoenix. Mindy Korth of Colliers International handled the transaction.
“These investments vary greatly from each other, but provide excellent intrinsic value and unique upside potential,” says Steve Gozini, CEO of BH Properties. “Our recently expanded acquisitions criteria has increased our ability to find value where others may not. We have big plans for growth in the coming years.”