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Value-Add Buyer Picks Up Vacant 80,000-SF Office

IRVING, TX- BH Properties acquires Royal Tech V from Wind Realty Partners. Rents in the surrounding Royal Tech Business Park run in the $11-per-sf to $12 per-sf range.

By John McCloud | Updated on November 27, 2007

IRVING, TX-A privately held commercial real estate investment firm from Los Angeles acquired Royal Tech V, a vacant 79,541-sf office property in the Las Colinas area of Irving. BH Properties LLC, which specializes in value-added opportunities, reportedly paid in the neighborhood of $3 million for the property, which is located at 8001 Ridgepoint Dr.

According to Scott Henry, regional acquisitions director with BH Properties in Dallas, the acquisition provides a good example of the company’s ability to see value where others see risk. Henry negotiated on behalf of his employer.

Expanding on Henry’s comments, BH Properties president Steve Gozini says the company seeks properties in select markets with the best potential for advantageous repositioning and retenanting. “This asset, which does not meet most investors’ acquisition criteria, offers a great opportunity to reposition the building and add value in an excellent location.”

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