10000 North Central Expressway

The Opportunity

10000 NCX was an asset CREA had tracked for a number of years. When the note was marketed CREA saw an opportunity to purchase the asset at a basis well below replacement cost and at or near the bottom of the market. Upon acquisition of the note CREA envisioned acquiring fee simple title to the asset from the current borrower through foreclosure or a “deed in lieu”.

The asset required significant capital improvements to reposition the asset and facilitate effective leasing from an occupancy at 62%. The capital improvements involved new HVAC systems, an extensive lobby renovation, as well as common area upgrades including a state of the Art fitness Center.

The Strategy

CREA worked with the borrower for a quick acquisition of the fee simple title to the building. CREA then designed and implemented the capital improvement program. While under contract, CREA also identified an opportunity to extend the lead tenant for a new 12 year lease term.