Adler Group Inc. executive vice president and CIO Matthew Adler tells GlobeSt.com that the partnership plans to acquire property in the Norfolk, VA metropolitan area and the major markets of Florida, including South Florida, Tampa Bay, Orlando, Jacksonville and possibly Fort Myers/Naples. The partnership will pursue under performing assets with value-added potential. After acquiring the properties, value will be added in a variety of ways including improved operations, property upgrades, retenanting efforts, expansion or redevelopment.

The partnership will focus on acquiring office and industrial properties, but will also consider retail properties with a value-added component. "We're looking to buy anything but core assets," Adler says. "We're not looking to buy properties that are stabilized assets with creditworthy tenants."

The agreement represents a new phase of acquisition for the company. In past years, Adler has teamed up with New York-based Apollo Real Estate Advisors to acquire property. Adler adds that Adler Group's partnership with Apollo for the Florida Retail Land Bank initiative is still active.

Adler and UBS do not have a dedicated fund for the acquisitions, but have an exclusive agreement to pursue properties that meet specific investment criteria. "With more than 40 years of development, investment, leasing and brokerage expertise, we are confident that Adler real estate professionals are well-positioned to deliver properties that meet our requirements," says Ron Urdanick, head of acquisitions at UBS Global Asset Management Real Estate.