Andrew Van Tuyle
Bra properties is bullish on the Phoenix market across all commercial asset classes and is focused on expanding its portfolio. In the past two months, the investor has acquired three properties for a total of $ 55.3 million and has expanded its Phoenix portfolio to a total of 21 properties with 1.25 million square feet of commercial space and more than 1,500 residential units.
"Phoenix is a strategic location for us in the long term." Andrew Van Tuyle, Senior Managing Director for Investments at BH Properties, ”says GlobeSt.com. “We feel obliged to this market and are actively striving to expand our portfolio. We want to close $ 100 million or more in Phoenix next year so we can find opportunities that we will buy. "
Among the most frequently abandoned BH Properties transactions that GlobeSt.com learned about exclusively include the Northsight Financial Center, a 120,000 square foot Class A office; 61,000 square meters of free office space; and Honeywell Aerospace DSES Glendale Campus, a 252,000 square foot office building on 45 acres. "We are looking for traditional value creation opportunities as well as covered land games and land leases," says Van Tuyle. “We expect opportunities in the retail, office and industrial sectors. The value of real estate looks different today than it used to be, so we get more creative when we look at things. "
BH Properties isn't the only investor looking into Phoenix. The market has become a major target, especially for value-added capital, and rising employment and population growth is driving investment. Despite increasing competition, BH Properties is well positioned to aggressively buy the right properties – in other words, those that fit their strategy and acquisition profile. "I don't know of any of our competitors who can work in the time frame we can," says Van Tuyle. “We don't have any investor or debt requirements so being able to close all cash is a real benefit. We can often close the deal before other buyers can negotiate a contract and I believe that the security of the deal is extremely important to sellers in this market. "
The recent surge in employment growth has brought stability and diversity to the market, and that combination has positioned Phoenix for strong future growth. “The Phoenix economy is different than it was before the recession. The occupation is much more diverse, with less emphasis on design and development, ”says Van Tuyle. "The low cost of living and business-friendly environment makes it a great place for employers. We have seen some parts of the greater Phoenix area benefit from new business launches or the expansion of existing businesses." We definitely plan to be a net buyer in Phoenix in the next few years. "