660 NCX was purchased as a moderate repositioning opportunity. At 80,582 sq. ft., the property consists of a highly visible, four-story, 54,189 sq. ft., multi-tenant office tower and an adjacent singlestory, 36,393 sq. ft. professional/retail annex.
Although 660 NCX is in a highly visible B+ location (just off Interstate 75), the physical plant was in C+ condition. Hayman Properties plan was to design a strong, memorable, 660 NCX brand, supported by both cosmetic and functional upgrades. These upgrades enhanced the image and perceived value of the asset and now show the beginning signs of above average tenant retention.
Since the 3rd quarter of 2012, Hayman Properties had been crafting an investment opportunity plan and after some consideration, decided to launch that program with 660 NCX. The syndication offering was met with a high level of interest and was quickly oversubscribed. Hayman Properties guaranteed investors an exit after 5 years (concurrent with the maturity of the debt) and expects investors to be able to achieve a minimum IRR of 15% over that period.
* Case Studies on Properties (Financial Data provided as of Q1-2015)
** The property was acquired in December of 2012. Figures shown are per that period.