Asset Class: COMMERCIAL RETAIL

We’re looking for retail properties where the right execution can unlock value.

We focus on value-add retail acquisitions where there is a clear path to increasing NOI, improving the tenancy, unlocking excess land, or repositioning the asset. We are particularly interested in opportunities that other buyers may overlook because the value isn’t immediately visible from the existing rent roll.

WE’RE LOOKING FOR:

• Asset Type: Retail — including shopping centers, strip centers, neighborhood centers, grocery-anchored or former grocery properties, large-format retail, and select mixed-use retail.
• Purchase Price: Generally $3M–$20M, with flexibility for exceptional opportunities.
• Geography:  We will buy nationwide in any market as long as the numbers and ancillary factors make sense. We have a strong preference for the Midwest market and the following states.
  • Indiana / Greater Indianapolis
  • Kentucky
  • Illinois
  • Ohio
  • Tennessee
  • Missouri
• Value-Add Required: We prefer properties where there is a specific, identifiable business plan to create value rather than relying solely on market appreciation.
• Vacancy: Significant vacancy or underutilized space is attractive when there is a realistic path to lease-up.
• Lease Repositioning: Existing tenants with below-market rents, gross leases that can be converted to NNN, short-term leases, renewal opportunities, or other lease restructuring opportunities are of particular interest.
• Large-Format / Dark Retail: Former grocery stores, big-box retail, dark stores, and other large-format properties can be compelling when the basis and re-leasing opportunity make sense.
• Excess Land: We like properties with surplus land, outparcels, development pads, parking areas, or other components that can potentially be separated, replatted, sold, or developed.
• Replatting / Entitlement Opportunities: Properties where zoning, easements, development restrictions, access, signage, traffic improvements, or parcel configuration can be improved to unlock additional value.
• Traffic & Location: Strong preference for properties on major retail corridors, high-traffic roads, signalized intersections, and established commercial nodes.
• Property Size: No hard minimum or maximum. Our previous transactions have included approximately 47,000–56,000 SF retail boxes on roughly 2.5–7.5 acres, demonstrating the type of larger-format opportunity we have successfully executed.
• Tenant Profile: We are comfortable with a combination of national, regional, local, and experiential tenants when the underlying real estate and business plan are compelling.
• Stabilized Deals: We will consider stable cash-flowing retail, but our strongest interest is in mispriced, mismanaged, misunderstood, or underutilized assets.

THE KIND OF DEAL THAT GETS OUR ATTENTION

We get particularly interested when a property has one or more of these characteristics:

• The seller or broker is underestimating the true rentable area or land value
• A large vacancy can be filled with the right tenant
• An existing lease can be extended, restructured, or converted to NNN
• A dark or former retail box can be repositioned
• An outparcel can be created and sold
• Excess land can be separated from the primary asset
• Replatting can create additional development potential
• Easements, access, zoning, or development restrictions can be improved
• A new traffic signal or infrastructure improvement can materially increase site value
• The property has a strong location but an imperfect current income stream
• There is a disconnect between the current NOI and the property’s potential NOI

OUR APPROACH

We aren’t simply looking for properties that already look good on paper.

We’re looking for retail real estate where we can see what it could become.

Our previous projects demonstrate this approach: acquiring large-format retail assets, identifying overlooked lease or physical characteristics, creating new leasing opportunities, restructuring existing tenancy, and unlocking additional value through pad sales and replatting. One Indianapolis acquisition, for example, involved a 55,575 SF dark grocery box on 5.2 acres where the business plan included lease termination, pad creation, pad sales, and a new absolute-net tenant.

SEND US A DEAL

If you have a retail property that looks ordinary on the surface but has an unusual path to value creation, we want to see it.

Please include:

• Property address
• Asking price
• Current rent roll / NOI
• Property size and acreage
• Occupancy
• Existing leases
• Photos / OM
• Known vacancies or upcoming lease expirations
• Any information regarding excess land, outparcels, zoning, replatting, access, or development potential

Off-market opportunities are welcome.
Broker submissions are welcome.
Direct-to-owner opportunities are welcome.
If you see the potential, send it our way.

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