Texas Border Business
Los Angeles, CA – Real estate investment firm BH Properties, in an off-market transaction, has acquired a vacant 103,000-square-foot big box anchor building located within the 665,000-square-foot Valle Vista Mall in the Rio Grande Valley city of Harlingen, TX.
Built in 1983, the building was formerly occupied as a Clearance Center for Little Rock, AR-based retailer Dillard’s, which vacated the property at the expiration of its lease just weeks prior to closing. The one-story building on a large seven-acre lot fits well into BH Properties’ strategy of identifying well-located properties that offer good repositioning opportunities, according to Scott Henry, Managing Director of Acquisitions, and head of the firm’s Dallas Office.
The property is located at 2004 S. Expressway 83 at the interchange with U.S. 69E, two major arterials connecting Harlingen with McAllen, Brownsville, Laredo and Corpus Christi.
“With great visibility and access from Expressway 83 and abundant parking, the 103,000-square-foot box offers us a good lease up opportunity, whether it be retail, office, or entertainment uses,” said Henry. “It also complements our current portfolio in the region which includes approximately 700,000 square-feet of industrial space in the Rio Grande Valley and Laredo.
BH Properties, which owns approximately 10 million square feet of retail, office and industrial space across 19 states — one third of that in Texas — is considering several options for the property. The firm has garnered a national reputation for its ability to reimagine and lease up large vacant retail, office and industrial buildings to major domestic and multinational companies.
“We believe this will be another example of our ability to buy vacancy, rework an asset to meet market demand, and bring jobs to the local community,” added Henry.
BH Properties has engaged CBRE led by Carlos Telles to handle leasing of the property.