BH Properties Exiting Atlanta?
BH Properties came into the Atlanta market just prior to the recession with a small portfolio buy of shallow-bay, multi-tenant industrial—1235 Commerce Rd and 1360 Southlake Pkwy, both in Morrow, and 5305 Tulane Dr in Atlanta—to pursue a bargain-seeking tenant. That strategy hasn't been as successful as BH's Steve Jaffe had hoped, he tells us.
For now, Steve says the Los Angeles-based real estate investor will stay the course in Atlanta with the assets (including 5305 Tulane, above). “I think we're going to spend a little more time and try to address some of the vacancies there,” he says. But BH won't be shopping Atlanta at this point for additional properties, especially with the firm's renewed Southwest US focus. (It's a dryer heat.) And at some point, Steve says BH will look to sell its Atlanta portfolio.
