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BH Properties acquires Los Altos Crossing for $4.7 million


Sparks, Nev.--BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, has purchased Los Altos Crossing, a retail center located at Sparks Boulevard and Los Altos Parkway in Sparks, Nev., for $4.7 million.

The retail center consists of 35,123 sq. ft. of constructed shops. Six ready-to-build pads totaling 217,974 sq. ft. are also a part of the center, providing opportunity to expand along with the increasing needs of the growing population.

“Nevada has experienced a slow recovery, but recent reports state the market is now trending upward with retail vacancy rates dropping from 16.2% to 15.4%,” said Steve Jaffe, executive VP and general counsel for BH Properties. “Located within one of the fastest-growing residential submarkets in northern Nevada, Los Altos Crossing shopping center is primed to benefit from this growth.”

Currently 47% occupied, the center’s tenants include Goodwill, Dotty’s Casino, Las Trojes Mexican Restaurant and Dad’s Convenience Store.

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