The four-story building has 448 parking spaces, an open-air landscaped central atrium, and includes a branch of Washington Mutual and a detached drive-thru facility. The bank will sign a new lease for 26,786 sf on the first and second floors of the building with the remaining 71,758 sf available for lease. The property is located one-half mile west of Interstate 95.

BH Properties director of strategic transactions Greg Peterson represented the buyer. Washington Mutual was represented by Richard Tarquino and Steven O'Hara, of CB Richard Ellis.

BH Properties executive vice president and general counsel Steven Jaffe tells GlobeSt.com that the acquisition fits the company's acquisition strategy of buying property from companies that are downsizing or shifting their real estate needs. "This is a nice building with a high level of vacancies," Jaffe says. "We see excellent opportunities for increasing the value of the property and attracting high-quality new tenants."

Jaffe adds that BH Properties has hired a local brokerage firm to handle leasing on the property, which is expected to attract local businesses such as financial services or insurance firms. "We're aggressively buying properties like this, building with low occupancies in strong B markets," he adds.