Heritage

Background

First Highland acquired this 84,000 square footage office building from International RE Holding LLC, a lender who had foreclosed on a TLC buyer, in 2012.

  • Total SF 84,111
  • Purchase Price $2,450,000
  • Redevelopment Cost $3,550,000
  • Occupancy @ Purchase 17%

Value Added

FH secured the debt and equity to fully renovate the common area core of the building as well as extensive exterior renovations.

  • Occupancy @ Sale 97%
  • Exit Cap Rate 8.50%
  • Unlevered IRR 32%

First Highland sold this property to GCC for $10,500,000 in 2014.

At the time of acquisition, the property was 17% leased. FH secured a long term full building lease with Community Health Network bringing the occupancy to 99% leased.