RICHMOND, VA-BH Properties LLC is planning on increasing its holdings in the Virginia, South Carolina and North Carolina markets next year, targeting between $30 million to $50 million in deals. The firm already has some $70 million of deals under way, ranging from the initial research stage to nearing completion.

If past corporate history is any guide, BH Properties director of real estate Phillip Dunn tells, the firm will close about half of these deals. At $35 million, that means the company is edging close to its goal for the Virginia, North Carolina, South Carolina market for 2008. Texas and the southeast are other regions of the country in which BH is making a huge play, with plans to acquire another $50 million of properties there, Dunn adds. To better focus on the Mid-Atlantic, Dunn is moving to Virginia early next year.

BH Properties has already closed on one deal in Richmond: an 182,000-sf office building located at 700 E. Main St. in the city’s CBD that it acquired from Wells Fargo Bank. According to a source close to the transaction it closed for under $10 million. The building includes 209 covered parking spaces and has retail on the ground floor. It is currently 50% occupied. BH plans to reposition the property by upgrading its lobby, elevator cabs and restrooms, with a goal of 95% occupancy within two years. Wells Fargo was represented by Mark Douglas, of Thalhimer Commercial Real Estate, a Cushman Wakefield alliance. Douglas is also the leasing agent for the property.

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

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