BH Properties Bets Big in Phoenix
LA-based BH Properties acquired a Phoenix-area office and industrial portfolio from Buchanan Street Partners for nearly $23M. It's a good bet, BH Properties chief acquisitions officer Andrew Van Tuyle tells us, because Phoenix is experiencing an increasing need for industrial space by traditional and nontraditional tenants, and a need for offices for the influx of businesses moving back to the area. "These assets are ideally positioned to capitalize on these trends, which are being fueled by the strengthening economy,” he says.
The portfolio is comprised of three properties totaling 230k SF in Tempe and Chandler, including Tempe Commerce Park (pictured), Ocotillo Business Center and the ADP Building. "The markets seem to be reacting favorably to properties that are differentiating themselves from more commoditized space," Andrew adds. Such differentiating features can include above-average clear height (36 feet and above), large lots with extra land for trailer storage, and expansion options that provide growth opportunities for users without having to relocate.