Value-Add Firm Enters Market With $10M in Buys

Steve Jaffe, BH Properties executive vice president and general counsel, tells GlobeSt.com that company plans to make $100 million in acquisitions over the next year, $25 million of which will be in Georgia. The company, which acquires value-added property, also plans to acquire property in Denver; Salt Lake City, Utah and Texas. "We're drawn to markets where there are good fundamentals, where there is population growth, a solid core of businesses and the potential for long-term growth," Jaffe says.

BH Properties purchased 5305 Tulane Ave., a 254,037-sf, one-story brick warehouse building in the Fulton industrial district from the Utah State Retirement Investment Fund. The building has 151,362 sf of long-term leases and 50,000 sf that is being leased to a single tenant on a month-to-month basis. John Sims, of locally based Richard Bowers & Co., represented seller in the transaction. BH Properties was self-represented. The listing price of the property was $4.8 million.

BH Properties also acquired a 29,440-sf big-box retail property situated on 3.1 acres in Morrow. The building used to house a Sears Homelife Furniture store but is currently vacant. The property was purchased from RMS Properties II, LLC and Heidner Properties, Inc. along with 5.1 acres of vacant land. Brad Taratoot, of the Taratoot Co., represented the buyer in the transaction. The listing price was $3.5 million.

The company also acquired Gwinnett Park, an office/industrial complex located at 4356 Communications Dr. in Norcross. The property consists of 137,190 sf of warehouse/industrial space adjacent to a 64,500-sf office building. Taratoot represented BH Properties and David Nixon, of CB Richard Ellis, represented the seller, Scientific Atlanta. The listing price was $4 million.

BH Properties is a privately held investment firm whose portfolio currently comprises six million sf valued at $350 million, but expects to have $600 million in property by the end of 2007.