On behalf of their client, IX CW Plaza Squaw Peak, LP, (an affiliate of Starwood Capital Group), Capital Asset Management announced today the successful sale of The Plaza at Squaw Peak, a 428,044-square-foot class-B office building, to BH Properties, a Los Angeles commercial real estate investment company. Located on 16th Street and Morten Avenue in Phoenix, this transaction represents BH Properties’ highest valued asset purchased to date.
Known for their ability to work with complex assets and create value, the deal was brokered on both sides by Capital Asset Management (Jason Hersker, Stephen Herman, Rachael Cisco and Scott Smith). BH Properties purchased the property from IX CW Plaza Squaw Peak, LP, who had acquired the asset as a part of a portfolio.
After interviewing a number of potential purchasers of this asset, the team chose BH Properties for its reputation in acquiring troubled assets and ability to close by year-end without a financing contingency.
Built between 1985 and 1987, the property consists of three separate office buildings set on a total of 24.15 acres surrounded by a 250-room Hilton Resort and adjacent retail amenities near the Phoenix Mountain Preserve.
Early on, the redevelopment team at Capital Asset Management identified numerous potential value added opportunities for a potential buyer, including a Class A office site and high-end condominiums, both of which would maximize the views of the Squaw Peak Mountains.
“The purchase of this office complex is a significant milestone in the evolution of BH Properties’ buying strategy,” said Steve Jaffe, chief investment officer and principal at BH Properties. “We carefully choose each property based on its value-add potential, and will continue to grow our portfolio, seeking out higher valued assets to apply this strategy.”
