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Investment Criteria
Physical Amenities

Asset classes include institutional-grade commercial properties - office, multi-family residential, industrial, retail, single family home developments, and hotels/resorts - concentrated in gateway and some secondary cities across the U.S. and Canada. Typical transactions include core plus, value-add, development, and re-development.

Whether a stable newly-leased building, a multi-tenanted trophy asset, speculative new construction or a renovation/repositioning project, we critically assess and promote each component of value in seeking the most favorable results.



Investment Criteria:

  Bulk Distribution Light Industrial Office Buildings – CBD Office Buildings – Suburban
ASSET TYPE
(Single Tenant)		 Prefer credit oriented rent roll, high-grade industrial quality single or portfolio assets. Single assets, business parks, and portfolios with upside potential. Strong preference for credit-oriented rent roll, high-grade, institutional quality, multi-tenant buildings. Strong preference for credit-oriented, high-grade, institutional quality, multi-tenant buildings.
ASSET TYPE
(Multi Tenant)
 Prefer credit oriented rent roll, high-grade institutional quality. Preference given to industrial park setting. Prefer staggered rent roll - 5 year leases. Preference given to industrial park setting.
UNITS/SF 250,000 SF 250,000 SF 250,000 SF 150,000 SF
LEASE TERM 15+ years for single tenants 3-5+ years 5+ years for multi-tenant 5+ years for multi-tenant
5+ years for multi-tenant
LOCATION In a path of the flow of goods via airports, trucking, rail and seaport networks. Area must have an efficient infrastructure and multiple interstate highways or significant transportation corridors. Areas with significant economic generators and an efficient infrastructure. CBD – Major markets Major markets and infill locations.
RISK Preference given to stable portfolios with high occupancy, low short-term rollover and/or excess land for expansion. No environmental problems. May consider properties with upside potential through lease renewals or lease-up of vacant space. No environmental problems. Prefer stabilized properties with staggered lease rollover. No environmental or seismic problems. May consider properties with upside potential through lease renewals or lease-up of vacant space. No environmental or seismic problems.
APPEARANCE/AGE Facility should function as a competitive generic distribution building of equal or better quality than the competition and not more than 10 years old. Facility should function as a competitive generic light industrial building of equal or better quality than the competition and not more than 10 years old. Attractive and competitive Class A or B facilities, not more than 15 years old. Attractive and competitive Class A facilities, not more than 10 years old.

 

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Investment Criteria:
(continued)

  Net Leases Hotels Multifamily Land
ASSET TYPE
(Single or Multi Tenant)
Investment grade Full service or higher quality Class A or B Fully entitled land to be developed into single family lots.
UNITS/SF 200,000 SF 200+ keys 200+ units 300+ lots
LEASE TERM 15+ years      
LOCATION Major markets Urban or suburban in top 50 U.S. markets within 30 minutes of major airport Florida, Northeast, Mid-Atlantic Florida, Northeast, Mid-Atlantic, Texas, Arizona, California
RISK     Will consider properties on a case by case basis, with strong demographics in infill locations Permits must be in place prior to closing.
APPEARANCE/AGE Attractive and competitive Class A facilities, not more than 10 years old. Any considered, must be in relatively good condition, some renovation will be considered. Development will be considered for existing hotels only, new development will be considered unless in the final stages of construction. Major redevelopment projects will not be considered. 15 years or less, on a case by case basis in infill locations with strong demographics Development projects will be considered in infill locations with strong demographics

 

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Physical Amenities:

  Bulk Distribution Light Industrial Office Buildings – CBD
CONSTRUCTION Concrete tilt-up; pre-cast Concrete tilt-up or masonry pre-cast Class A or B
DESIGN TYPE Modern bulk distribution in conformance with neighborhood. Modern light industrial in conformance with neighborhood. Modern office with functional floor plates with acceptable load factor preferably 15% or less
LOADING Dock Dock/semi-dock/grade  
BAY DEPTH 150' to 300' deep (double if cross-docked or rail served) 50 ft. to 150 ft. deep  
CEILING HEIGHT 28'+ on > 200,000 SF 18-24' 9' minimum
PARKING RATIO Market standard or greater Market standard or greater Market standard. Preference for fee ownership of parking
OFFICE FINISH Less than 10% 20% or less Typical standard building finish-out
SITE COVERAGE Less than 50% Less than 50%  
AMENITIES ESFR sprinkler system
Rail service preferred
Large concrete truck courts/pads
Cross-docked preferred
Additional trailer parking
ADA compliant		 ESFR sprinkler system
Concrete truck courts/pads
Attractive landscaping
ADA compliant		 Modern elevator banks and common areas
Efficient floor plates (20,000+ SF)
Life safety sprinkler system
Attractive landscaping
On-site and nearby parking
ADA compliant
Mass transit located nearby

 

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Physical Amenities:
(continued)

  Office Buildings – Suburban Multi-Family Hotels Net Leases
CONSTRUCTION Class A or B Class A or B First class
Full service		 Class A
DESIGN TYPE Modern office with functional floor plates with acceptable load factor of 15% or less Good mix of units   Modern office building with functional floor plates
LOADING        
BAY DEPTH        
CEILING HEIGHT 9' minimum     9' minimum
PARKING RATIO Minimum of 4 spaces per 1,000 SF NRA; preference for structured parking     5 spaces per 1,000 SF NRA
OFFICE FINISH Typical standard building finish-out     Typical standard building finish-out
SITE COVERAGE        
AMENITIES Modern elevator banks and common areas
Efficient floor plates (20,000+ SF)
Life safety sprinkler system
Attractive landscaping
Covered parking
ADA compliant		 Pool
Clubhouse
Tennis courts		 Restaurant
Health club
Meeting/convention facilities
Business Center		 Modern elevator banks and common areas
Efficient floor plates
Life safety sprinkler system
Attractive landscaping
ADA compliant

 

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Past performance is not an indication of future performance.