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6/27/14
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LA-based BH Properties has purchased Rainbow Plaza, a 60.1k sf office building located in Las Vegas, for $3.36 mil ($56/sf). The transaction, which was completed through Auction.com, marks BH Properties’ first office acquisition in the Las Vegas market.
Built in 1992 and remodeled in 1996, Rainbow Plaza is located at 2655-2685 S. Rainbow Blvd. The property consists of one two-story office building, as well as two one-story office buildings, strategically located near retail, restaurants and other attractions within the area. More than 47 percent of the building is already leased, and BH Properties plans to use an aggressive rehabilitation and leasing strategy to reposition the complex.
According to Steve Jaffe, executive vice president and general counsel for BH Properties, “This acquisition appealed to us in the aspects of location and value, and will be a strong long-term investment for our firm.” The company plans to make additional office and retail acquisitions in the Las Vegas area over the next 12 months.
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