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11/21/12
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A BH Properties affiliate has purchased the former Pella Corporation building (also known as the Aero Business Park) in Tucson, AZ for $5.2 mil, or $20/sf. Built in 1985, the 260k sf manufacturing and warehouse facility is located at 6700 South Pella Dr.
“This purchase is directly in line with our plan to double the size of our Arizona portfolio over the next 12 months,” said Steve Jaffe, executive vice president of BH Properties. “This marks our first purchase in the Arizona industrial market as the firm continues to look to make smart, strategic additions to its assets in Arizona industrial, office, multi-family and retail.” He adds, “As we move to redeploy capital from our East Coast investments into our core Western states markets, we will look to execute more transactions like this one – where we can add value to well-located properties.”
The seller, Pella Corporation, was represented by Chuck Pawlak of Binswanger. BH was represented by Steve Cohen and Russell Hall of Picor Commercial Real Estate Services. The deal comes on the heels of BH Properties’ acquisition of the 280-unit multifamily property Smoke Tree Apartments in Phoenix.
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