LOS ANGELES—Hayman Properties completed $53 million in transactions during the month of August. The investor purchased four value-add office properties throughout the US during the month, bringing its portfolio value to more than $150 million.

“We had a rather large equity stack of almost $15 million that we needed to put to work from a single 1031 where we had done extremely well. That is how these transactions came about,” Robert Hayman, CEO and principal of Hayman Properties, tells GlobeSt.com. “We take a long-term vision of the properties we buy in house and a short-term vision for the properties that we syndicate, but everything that we buy is quality and a good rationale for an exit strategy if and when we choose to exit.”

The four properties are located in Huntington Beach, CA, Salt Lake City, UT, which is a market on investor radar screens, and Columbus, OH. The Huntington Beach property is a 58,750-square-foot medical office building located at 7677 Center Ave. Hayman purchased the property for $14.2 million, and plans to execute a capital improvement plan to boost occupancy. “The Bella Terra building is a beautiful building, and we think that we can actually enhance the interior of the building as well as the food court and deli area,” Hayman says. “I think long term, it is going to be a great hold. It is something that 20 years from now will be a great property that is much more valuable than it is today, and still in great demand with all of the demographics in the Huntington Beach area.”

The two Salt Lake City properties include a 71,700-square-foot office building located at S. Wasetch Blvd., which Hayman purchased for $16.3 million, and a 48,190-square-foot office building at 56 E. Broadway, purchased for $8.2 million. The latter property is fully occupied, while the former is expected to lease-up quickly. “We really think the Salt Lake Central Business District is really rejuvenating, and it is very exciting to see what is going on down there,” says Hayman.

While the first three properties are long-term holds for the company's portfolio, the fourth property will be syndicated. Located in the Westerville submarket of Columbus, OH, the fourth property is 80% leased through 2024 to credit tenant ABB. Hayman purchased the property for $14.6 million. “We are going to syndicate this property, and there are a number of syndication members who have stepped up to the plate, and it looks like we are going to be oversubscribed on that property,” Hayman explains. “We will own a chunk of it, as we always do. It is a great property in a great area. The building is B+/A- with a great tenant and good cash flow. If I did own this property, I'd be happy to own it.”