BH Properties, in a move consistent with its renewed Southwest strategy, has acquired its fourth retail property in Arizona, adding to its expanding portfolio. The Los Angeles based firm, which specializes in purchasing challenged and distressed real estate properties quickly, has purchased Ross Plaza, located in the bustling submarket of North Phoenix, for $3 million.
Located at 10606-10653 N. 43rd Ave., the 64,744-square-foot neighborhood retail center is anchored by the national clothing retailer Ross Dress For Less, which makes up half of the plaza.
“Ross Plaza is a well-constructed property in a highly dense residential and retail area, making it an ideal addition to our active Phoenix portfolio,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “The plaza is situated in a locale that offers two mile visibility, as well as access to key consumer demographics, including the Arizona State University west campus. Our plan is to refurbish the property to better appeal to the local community.”
The firm recently acquired Gilbert Town Center, a 159,000-square-foot Class A retail center in the highly affluent Phoenix submarket of Gilbert, Ariz., for $13.4 million. Additionally, the fourth quarter of 2013 saw BH Properties restructure almost all of its debt, allowing the firm to open 2014 with over $200 million in financings from Wells Fargo and U.S. Bank.
