Acquisition Criteria & Contacts

DESIRED PROFILE:	Our investment goal is Value Creation which we seek to achieve either through value-added investments or ground-up development. Value-added investment opportunities involving repositioning, rehabilitation, redevelopment, leasing risk, or below-market contract rents are attractive. Urban infill opportunities which allow for redevelopment of commercial, residential, or mixed-use property types. Multi-tenant assets are preferred; single tenant assets will be considered. Commercial condominium conversion opportunities will be considered on a case by case basis.
PROPERTY TYPES:	Existing Office, Industrial, Retail, Self Storage, or Mixed-Use Properties, or Land for development of these Property Types.
OFFICE PROPERTIES:	20,000 SF or more (no upper limit). Office buildings, office/flex, R&D, and corporate campus properties. Multi-tenant assets are preferred; single tenant assets will be considered. “C” market placement or better – lower end properties if rehabilitation can result in “B” or better market placement.
INDUSTRIAL PROPERTIES:	30,000 SF or more (no upper limit). “C” market placement or better – lower end properties will be considered if rehabilitation can result in “B” or better market placement. Multi-tenant assets are preferred; single tenant assets will be considered. Repositioning opportunities (e.g. subdividing single-tenant buildings into multi-tenant spaces, converting industrial space to showroom/retail space, converting industrial space to self storage spaces, etc.) are attractive.
RETAIL PROPERTIES:	20,000 SF or more (no upper limit). “C” market placement or better infill locations are preferred – lower end properties will be considered if rehabilitation can result in “B” or better placement. Anchored, unanchored, local or regional tenant base. Projects with “dark” anchors are attractive.
YIELDS:	Yields for ground-up development and value-added rehabilitation, repositioning, renovation, lease-up or turnaround deals will be considered on a case by case basis with a focus on future value and high IRR expectations.
MARKETS:	Southwestern United States, with emphasis on Southern California (San Diego, Orange & Los Angeles Counties and the Inland Empire), Las Vegas, and Arizona.
MINIMUM DEAL SIZE:	$2 Million – San Diego $5 Million – Southern California $10 Million – Southwestern United States Deals ranging from $5 – $100 Million are preferred; there is no upper limit.
OCCUPANCY:	0% to 100%
REPLACEMENT COSTS:	Properties priced below Replacement Cost are attractive.
FINANCING:	AMERICAN PROPERTY ENTERPRISES will close all cash or consider assuming seller’s debt.
DUE DILIGENCE/CLOSING:	Able to complete due diligence and close quickly.
DEAL STRUCTURE:	Acquisition in fee, or joint venture with seller or other entities.
UNSOLICITED OFFERS:	Can be made if sufficient information is available. We prefer meeting with the seller to better understand seller’s objectives.
NOTE PURCHASES:	Note purchases from lenders will be considered.
BROKER RECOGNITION:	AMERICAN PROPERTY ENTERPRISES acts as a principal and places a high value on its broker relationships. Outside brokers are generally contracted for leasing and/or future re-sale if qualified.
SUBMISSION PROCESS:	Please submit all investment offerings to all of the following: Mike Mulvehill, Executive Vice President, Commercial Properties 858-546-7474, xt. 104 E-mail: mmulvehill@propertyenterprises.com Steve Quinn, President/Chief Executive Officer 858-546-7474, xt. 106 E-mail: squinn@propertyenterprises.com
MAIL TO:	AMERICAN PROPERTY ENTERPRISES 4320 La Jolla Village Drive, Suite 205 San Diego, CA 92122 Phone: 858-546-7474 Fax: 858-546-7472

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Acquisition Criteria & Contacts

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