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Portfolio Churning Yields About $2M

DALLAS-BH Properties sells class C office buildings from a 17-asset portfolio that it bought in April. The 42,537-sf Metro Center is 23% filled and 30,318-sf Finley Plaza, 57% leased.

By Connie Gore | Updated on August 25, 2008

[IMGCAP(1)]DALLAS-Spinning from start to close in a quick timeframe, Los Angeles-based BH Properties LLC has passed two class C office assets in separate deals to investment partnerships in Fort Worth and San Jose, CA. The value-add plays have crossed the finish line as all-cash transactions, drawing nearly $2.1 million in a churning of a nine-property portfolio that was picked up last April.

The 42,537-sf Metro Center at 1701 W. Euless Blvd. in Euless and 30,318-sf Finley Plaza at 3317 Finley Rd. in Irving went for below their replacement costs of nearly $30 per sf, according to the deals’ broker, Ron Hebert, a director in Dallas for Encino, CA-based Marcus & Millichap Real Estate Investment Services. He tells GlobeSt.com that the 23%-leased Metro Center drew five offers and 57%-occupied Finley Plaza garnered six, with the winners placing the highest bid in their respective packs.

Hebert says both new owners are planning upgrades as part of their value-add plans to improve returns for the suburban properties. Metro Center, built in 1971 on 1.7 acres, was bought by a private investor from Fort Worth, who only buys Tarrant County properties. His broker was Russell Turman in Marcus & Millichap’s Fort Worth office. Hebert sourced the Finley Plaza buyer, also a private investor. The asset was developed in 1972 on 1.8 acres along a major thoroughfare in its suburb, a positioning that mirrors Metro Center’s location.

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