PHOENIX—BH Properties is continuing its renewed Southwest strategy. It's consistent with a statement Steve Jaffe, executive vice president and general counsel for the company, made to GlobeSt.com in an exclusive interview. The company has acquired its third retail property in Arizona, adding to its expanding portfolio. The Los Angeles-based firm, which specializes in purchasing challenged and distressed real estate properties, has recently purchased Ross Plaza, located in the submarket of North Phoenix.

“Ross Plaza is a well-constructed property in a highly dense residential and retail area, making it an ideal addition to our active Phoenix portfolio,” says Jaffe. “The plaza is situated in a locale that offers two mile visibility, as well as access to key consumer demographics, including the Arizona State University west campus.”

Jaffe's plan is to refurbish the property to better appeal to the local community.

Located at 10606-10653 N. 43^rd Ave., the 64,744-square-foot neighborhood retail center is anchored by the national clothing retailer Ross Dress For Less, which makes up half of the plaza. The property was purchased for $3million.

The firm recently acquired Gilbert Town Center, a 159,000-square-foot Class A retail center in Gilbert for $13.4 million. The company holds one other Arizona property: Thunderbird Plaza, 13620 N. 35^th Ave. in Phoenix.