BH Properties Expands AZ Portfolio

PHOENIX—BH Properties has added a Class A retail center to its Arizona portfolio as the firm positions itself for growth in the state in 2014. Gilbert Town Center, a 159,000 square-foot retail center that was purchased for $13.4 million in late December, is located within the burgeoning submarket of Gilbert. In 2006 the center was sold to a TIC buyer for $34.7 milllion. BH Properties is a Los Angeles-based firm that specializes in repositioning real estate and resolving difficult transactions quickly and effectively.

“The circumstances involving Gilbert really illustrate how we are able to identify properties that fit in our value-add strategy to act fast and close the transaction,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “The center, which was built in 2001, experienced a rapid lease-up to a 94 percent occupancy rate, which included restaurants, entertainment and service. However, that changed in 2007.”