BH Properties Buys Addison Complex, Plans Makeover
- Jan 22, 2015
BH Properties has acquired the Addison Complex, an industrial facility from the VanMeetren Family Limited Partnership in a $2.8 million deal. Located at 5265-5685 Cameron St. and 4080 W. Russell Road in Las Vegas, the Addison Complex totals 55,000 square feet of space.
Los Angeles-based BH plans to simplify the 30-year-old facility’s layout and transform it from a multi-tenant to single-tenant property. Steve Jaffe, the firm’s chief investment officer & principal, said in a statement that the company plans to tap into “the uptick in the area’s industrial sector to implement competitive asking rents upon construction completion.”
The seller of the Addison Complex was granted a 90-day post-closing period to allow for relocation of the current tenants. Renovations are scheduled for completion around mid-year.
BH Properties worked with David Frear, a Colliers International senior vice president, while the VanMeetren partnership was represented by Charlie Mack, a president and broker with Mack Realty.
Las Vegas’ industrial market is steadily improving as vacancy is on track to drop to 9 percent, a considerable improvement from the 12.6 percent registered a few months ago.