BH Properties Expands Texas Portfolio With 150,000SF Office Acquisition in Plano, TX
Plano, TX—January 24, 2024—BH Properties, a vertically integrated value add real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets, has expanded its Texas presence with the purchase of Parkway Centre IV, a 153,238-square-foot office building located along the Dallas North Tollway in Plano, Texas. Purchased from an investment entity of Goldman Sachs, the property boosts the Los Angeles-based investment firm holdings in Texas to 32 properties representing 4.6M square feet. The purchase price and terms of the deal are not available.
Built in 2006, Parkway Centre IV recently underwent more than $2 million in renovations and is strategically located along West Plano’s Dallas North Tollway Corridor which is home to such companies as Toyota North America, J.P. Morgan, PepsiCo, and Liberty Mutual. Parkway Centre IV is institutional in quality and highly visible from the tollway. The 6-story office property offers a two-story atrium lobby, numerous amenities, and an abundance of surface and covered parking.
“Parkway Centre IV is a true Class A property which has all the attributes tenants are expecting today including $2 million in renovations that introduced a new tenant lounge, conference room, “grab & go” food service, and a number of other building upgrades including covered parking. We saw this as a great opportunity to expand our portfolio in a growing market with terrific regional access, and a quality tenant base,” said Jim Brooks, President of BH Properties.
Newmark’s Dallas investment sales team lead by Gary Carr and Chris Murphy represented the seller, while Scott Henry, Managing Director with BH Properties locally, represented the buyer.
“This purchase represents our current focus of acquiring well-located, high quality office assets that offer favorable lease-up potential. Although the office market has its challenges today, we continue to focus on ‘best-in-class’ strategic buys,” reported Brooks.
BH Properties has been active in the Texas market since 2002, with offices in Dallas and Houston. Currently, the company has more than 100 properties in 16 states.
About BH Properties
Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with regional offices in Phoenix, Dallas, Houston, and Seattle, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases. Today, the company owns and operates nearly 10 million square feet across 16 states.
