Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKE WORTH, FL-Los Angeles-based BH Properties LLC has acquired the 98,544-sf Washington Mutual office building at 2601 10th Ave. North from the bank. The acquisition price was not released, but the asking price was $10 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.