- We make investments when we have a competitive advantage due to: (1) transaction complexity; and/or (2) Alliance’s capital flexibility, financing ability, and operating capability.
- We have the flexibility of deploying capital in any position of the capital stack and in a variety of circumstances, which to date has included the acquisition of fee simple interests, purchase of loans, and joint ventures. Whenever possible, we seek to creatively structure an acquisition solution that solves a seller’s problem.
- Investment decisions are driven by our ability to create value for a specific asset as opposed to generically investing in a defined asset type. As a result, we often acquire properties across the value spectrum, which stated simply means that we routinely buy “ugly” or “beautiful”, leased or vacant buildings. Once an asset is repositioned, we will sell or refinance depending on market conditions in order to monetize the value created. Since we are not a fund with a limited investment horizon, we may elect to be long-term owners.
- Our team is highly experienced in redevelopment and adaptive reuse, for example, converting an obsolete warehouse into a Class A corporate office headquarters.
Opportunistic Acquisition Criteria
- Geography: Eastern and Central United States with focus on Mid-Atlantic
- Transaction Type: Fee simple acquisition, debt purchase, joint venture, mezzanine
- Product Type: Any product type with focus on office and industrial
- Deal Size: $5 to $50 million
- Markets: Infill and suburban locations around primary and secondary markets
Core | Core-Plus Initiative
- As part of a long-term capital strategy for the partners, we acquire well-located, large (minimum $50MM purchase price), stabilized buildings located in major markets in the Eastern and Central United States. Location must be downtown or infill suburban in primary or secondary cities.
- Asset type may include office, retail, and hotel, though our focus has been on office. Assets with modest value-add situations are considered.
- Tenancy should include a minimum weighted average lease term of five years with no major tenant expirations in the first several years. Occupancy should be 80%+.
Core | Core-Plus Acquisition Criteria
- Geography: Eastern and Central United States
- Transaction Type: Fee simple acquisition
- Product Type: Office, hotels, and retail
- Deal Size: Minimum of $50 million
- Markets: Infill locations in primary and secondary markets