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IRVING, TX-A privately held commercial real estate investment firm from Los Angeles acquired Royal Tech V, a vacant 79,541-sf office property in the Las Colinas area of Irving. BH Properties LLC, which specializes in value-added opportunities, reportedly paid in the neighborhood of $3 million for the property, which is located at 8001 Ridgepoint Dr.

According to Scott Henry, regional acquisitions director with BH Properties in Dallas, the acquisition provides a good example of the company’s ability to see value where others see risk. Henry negotiated on behalf of his employer.

Expanding on Henry’s comments, BH Properties president Steve Gozini says the company seeks properties in select markets with the best potential for advantageous repositioning and retenanting. “This asset, which does not meet most investors’ acquisition criteria, offers a great opportunity to reposition the building and add value in an excellent location.”

The acquisition brings the value of BH Properties’ Texas holdings to approximately $90 million. The local portfolio includes office, industrial and retail properties in 10 cities, mostly in the Houston, Dallas and El Paso markets. Its most recent Texas purchase prior to the current one was an 111,278-sf retail center in Bellmead valued at $2.5 million.

Gary Carr, executive vice president of CB Richard Ellis in Dallas who represented seller Wind Realty Partners in the transaction, says annual rents in the surrounding 17-building Royal Tech Business Park run in the $11-per-sf to $12 per-sf range. The park was started in the mid 1990s but is still not complete. PS Business Parks of Glendale, CA, which owns seven of the existing buildings, is currently marketing a 12-acre site in the development that is entitled for up to 200,000-sf office/flex space to be known as Royal Tech 18. Royal Tech V was completed in 1997.

Henry tells GlobeSt.com BH Properties is pursuing an aggressive acquisition strategy focused on “underperforming properties in select secondary markets with optimal growth potential.” He says preferred markets include Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Kansas, Louisiana, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Texas, Utah, Virginia and Washington. The company also has offices in Denver, Salt Lake City and Atlanta.

Chicago-based Wind, formerly known as CMD Realty Investments, also recently sold the 171,000-sf One Ridgemar Centre in Fort Worth to Triple Net Properties LLC.

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