If past corporate history is any guide, BH Properties directorof real estate Phillip Dunn tells GlobeSt.com, the firm will closeabout half of these deals. At $35 million, that means the companyis edging close to its goal for the Virginia, North Carolina, SouthCarolina market for 2008. Texas and the southeast are other regionsof the country in which BH is making a huge play, with plans toacquire another $50 million of properties there, Dunn adds. Tobetter focus on the Mid-Atlantic, Dunn is moving to Virginia earlynext year.

BH Properties has already closed on one deal in Richmond: an182,000-sf office building located at 700 E. Main St. in the city'sCBD that it acquired from Wells Fargo Bank. According to a sourceclose to the transaction it closed for under $10 million. Thebuilding includes 209 covered parking spaces and has retail on theground floor. It is currently 50% occupied. BH plans to repositionthe property by upgrading its lobby, elevator cabs and restrooms,with a goal of 95% occupancy within two years. Wells Fargo wasrepresented by Mark Douglas, of Thalhimer Commercial Real Estate, aCushman Wakefield alliance. Douglas is also the leasing agent forthe property.

Dunn says 700 E. Main St. typifies BH's investment criteria:value add opportunities in office, retail or industrial. It tendsto stay away from multifamily and land, he adds.