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BH Properties Nabs Richmond Class A Office

RICHMOND, VA-With one new acquisition under its belt, BH Properties is likely to make at least one more in this market next year.

By Erika Morphy | Updated on November 16, 2006

RICHMOND, VA-BH Properties LLC, a privately held real estate investment firm in Los Angeles, plans to double its investment pipeline next year to $160 million nationwide. Of that, the firm plans to spend $25 million in largely unlevered dollars in the mid-Atlantic region, emphasizing the southern states of Virginia as well as North and South Carolina.

Steve Jaffe, executive vice president and General Counsel for BH Properties, tells GlobeSt.com that a portion of its investment dollars are leveraged, usually by 50%. However the company’s sweet spot are value-add, empty retail, office and industrial properties between $2 million and $8 million, which means its investment allocation for the region will stretch to acquire four or five properties.

This city is likely to be a focus. The firm just completed the acquisition of the former headquarters of Owens & Minor, a 63,000-sf class A office building for $6 million. Located at 4800 Cox Rd. in Innsbrook Corporate Center, Jaffe says this building is BH’s first acquisition in the Richmond market.

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