"We have no real target," VP David Valger tells GlobeSt.com. "We truly are an opportunistic vehicle." Among the sites the firm has invested in previously are the Empire Hotel, 140 Broadway and 569 Broadway here, the Enron Building in Houston and 175 West Jackson St. in Chicago, Valger points out. The fund tends to have a blend of retail, office, multifamily and to some extent, industrial. And the fund is not geographically concentrated as well with holdings along the Atlantic seaboard, California, Texas and Chicago, among others. Valger desribes the fund's investments as "very organic" and coming mostly through tried-and-true relationships and word of mouth.
Founding partner Michael Boxer notes that the investors' expressed confidence in the principals and strategies, despite "significant pressure from our competitors and a historically low-interest rate environment." The fund's managing partners own more than 30 million sf of retail, office, industrial and hospitality real estate in addition to over 15,000 residential units.
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