INDIO, Calif. — INDIO, Calif. – June 23, 2014 – (RealEstateRama) — BH Properties LLC, a Los Angeles-based commercial real estate investment firm, has completed an $8.8 million transaction for approximately 100 acres of land located in Indio, California. The property, which was owned by Wells Fargo Bank, is located at 42nd Avenue and Monroe Street adjacent to Interstate 10.
“With the traffic coming in from the freeway, and the population growth in Indio, this location is brimming with retail, multifamily, and hotel opportunity,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “This is our first land purchase, and we are looking forward to strategizing the right development for this area.”
The town of Indio has been expanding in recent years, with multifamily, retail, and industrial real estate rising to meet the increasing demands of the expanding population. A Walmart Supercenter, currently under development, is located adjacent to the company’s acquisition with an anticipated opening in 2015.
Wells Fargo Bank was represented by Curtis Barlow of Coldwell Banker Commercial/Lyle & Associates and Tom Olson of Douglas Wilson Companies.
About BH Properties, LLC
Founded in 1997, BH Properties is a Los Angeles-based commercial real estate investment company that focuses primarily on troubled assets in the industrial, multi-family, office and retail markets. With regional offices in Dallas and Salt Lake City, BH Properties has developed its own distinctive acquisition strategies in 18 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, and Texas. For more information, please call (310) 820-8888 or visit www.bhproperties.com.