The acquisition is bit of a departure for the Troy, MI-based real estate investment firm that attorneys Alan J. Hayman and Stephen P. Hayman founded in 1965. In South Florida, the company primarily owns apartment buildings--about 1,000 units.

"It's a slight departure," Andrew E. Hayman, Hayman Co. vice president, tells GlobeSt.com. "We have over the years focused mostly on multifamily, office and hotels. We do own about one million sf of retail, though."

Out of a portfolio of about six million sf of office space, the company owns some of the marquee names in the industrial Midwest such as the Cadillac Tower, the Edison, the Penobscot, all in Detroit; and the Northfield, Sheffield and Spectrum office complexes, all in Troy. It owns about 26,000 multifamily units.

Although he would not disclose the purchase price, Hayman acknowledged the company acquired the property from Los Angeles-based Zelman Retail Partners Inc., which built the two-story building for an estimated cost of $35 million. Sources familiar with the transaction estimate Zelman sold the property for $35 million.

Now fully occupied, the retail center maintains leases with stores such as Linens 'n Things, Old Navy, Container Store and Just for Feet.

"When it came across our desk, we became very comfortable with the property," Hayman tells GlobeSt.com. "It's a great investment because it's a very upscale product in a quality location with high-credit tenants."

Two other reasons figured into the decision to acquire the property. "It'll provide a 12.5% cash-on-cash return," Hayman says. "It also was part of (an IRS) 1031-tax deferred exchange."

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