Shopping Centers
01.
Property
Strip Centers
Unanchored or shadow-anchored strip centers from 5,000 to 30,000 RSF.
Neighborhood Centers
Non-grocery centers from 30,000 to 50,000 RSF or grocery centers up to ~100,000 RSF.
02.
Economic
Non-Stabilized
Minimum contiguous, non-inline vacancy ranging from 5,000 to 25,000 RSF, ideally in junior anchor boxes, outparcels, or pads.
Deal Sizes
$5M to $40M gross deal sizes.
03.
Tenancy
E-Commerce Resistant
Necessity oriented retailers in the grocery, restaurant, service, and medical segments.
Box Light
Limited exposure to tenant suites larger than 4,000 RSF, excluding vacant boxes, outparcels, or pads available for demolition and repositioning.
04.
Location
National Focus
Strongest retail nodes of top 50 MSAs with initial focus on IL/Midwest, CO, GA, TX, and opportunistic elsewhere.
Auto-Centric Trade Areas
Urban-fringe and suburban communities.
Major Intersections
High traffic counts, ideally on major communting pathways.
05.
Demographics
High-Growth
Robust population growth, ideally in markets with strong suburban trade areas.
Density
Dense community population or significant daytime population.
Income
Attractive household incomes with thresholds varying based on trade area density and geographic pull.
06.
Structure
Partners
Will consider joint ventures with other developers and investors.
Loan Assumptions
Will assume existing loans.
Loan Acquisitions
Will acquire loans that provide a clear path to fee-simple ownership.