Transaction Program Gets Quick Closes

TEMPE, AZ—Using BH Properties‘ new transaction program, turning illiquid assets into cash, an office building closed in just eight days. BH Properties was able to close the sale within 10 days of learning about the property’s sale offering because of its new acquisitions program that features speed, intensive teamwork in the diligence and closing process, and all cash for the property purchase.

The approximately 163,760-square-foot property on 12.68 acres was acquired for $10.25 million. It is located at 2727 S. 48th St., within a few miles of Phoenix Sky Harbor International Airport, the dense Mill Avenue retail core in downtown Tempe and Arizona Mills Mall. The seller was an undisclosed financial institution and the property was unoccupied at the time of sale. The amount of land on the site, along with the fact that it is separated into nine parcels, makes it possible to add parking to the property or create additional uses and sell some of the parcels.