Elevated Returns - Pyramid Plaza
Challenge
During a discussion with a prospective client, they expressed their search for a local property brimming with untapped potential. Assembling an investment group with specific return benchmarks to achieve, they sought expert assistance. Although experienced in real estate investment, they required guidance on property type, location, and underwriting for their upcoming purchase.
Additionally, they sought a comprehensive financial analysis outlining a definitive roadmap for value addition, including the necessary steps, optimal timing, and a
smooth exit strategy to fulfill their commitment of delivering promised returns to their investor group.
Action
Enlisting the expertise of Jordan Wood, Taylor Tucker, and Chase Tucker, the investment group sought to secure an ideal property. Leveraging their profound understanding of the local market, this dynamic trio swiftly identified the Pyramid Plaza, backed by a thorough property analysis. Jordan and Taylor skillfully outlined an investment structure that aligned with each participant’s desired returns, providing a clear roadmap. Their comprehensive instructions detailed the precise steps and optimal timing to achieve the envisioned outcomes.
Recognizing the property’s potential, albeit requiring substantial renovation, Jordan and Taylor meticulously presented comprehensive cost estimates to restore its former grandeur and establish it as a prime business hub. Notably, Scott Womack from the Coldwell Banker Commercial Capital Advisors team played a pivotal role in facilitating the successful completion of this remarkable deal.
Result
Through the collective efforts of Jordan, Taylor, Chase, and Scott, the transaction culminated in a resounding triumph. Following its closure, the property’s renovations commenced, unveiling a remarkable metamorphosis that manifested through new leases, escalating occupancy levels, and a rekindled fascination with becoming part of this esteemed establishment. Initially operating at around 46% occupancy, the property experienced a remarkable surge, with occupancy levels surpassing 70% within a year, accompanied by a steady influx of prospective tenants.
A notable endeavor is the ongoing renovation of the sixth floor, transforming it into a pioneering shared work space—a first of its scale in Lubbock. The investment group’s performance exceeds expectations, outpacing projected returns within a shorter timeframe. The local ownership of Pyramid Plaza has been restored, ushering in a continuous wave of fresh interest and rekindled enthusiasm from businesses seeking to establish their presence within its prestigious walls.
Testimonial
“We owe immeasurable gratitude to Jordan, Taylor, Chase, and Scott for introducing and guiding us through this remarkable opportunity. Although the property’s journey continues, it encompasses every aspect our group sought and consistently delivers the desired outcomes. This exceptional quartet possesses an unparalleled ability to uncover abundant
prospects while leveraging their profound understanding of value addition in existing properties. Their comprehensive analysis played a pivotal role in acquiring the property at an optimal price, safeguarding us from any future complications. Without a doubt, we eagerly anticipate future collaborations, as we are already on the lookout for our next venture!”-SH/DL-
For More Information, contact:
Jordan Wood, CCIM
(806) 317-4666 (C)
(806) 784-3224 (O)