(To read more on the industrial market, click here.)
DALLAS-Staying a course to spend $100 million by year's end in key markets, BH Properties LLC has deposited the first round of a $40-million Texas allocation into a $17-million trio of buys. And, it's holding purchase contracts for another 800,000 sf of industrial and retail space in the state.
"We're very aggressive. We're deal hungry," Steve Jaffe, BH Properties' executive vice president and general counsel, tells GlobeSt.com. "We've identified Texas as a key market for us." The Los Angeles-based group is deploying capital from US investors into value-add deals in the $2-million to $25-million range.
The just-bought Texas properties are a 375,000-sf, class A warehouse at 1401 Pullman Dr. in the Vista del Sol Industrial Park in El Paso; 209,000-sf industrial asset at 2801 Galveston Ave. in McAllen; and 55,552-sf former Kmart building at 5222 Wesley St. in Greenville. Jaffe says the spending spree also extends into Arizona, the Carolinas, Florida, Georgia, Louisiana and Utah, but it's taking a bye on California buys for now.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.