LAGUNA HILLS, CA—Heslin Holdings plans toinvest $100 million in value-add commercialproperty acquisitions in the Western U.S. in 2015. As GlobeSt.comrecently reported, the firm has acquired1640 Rio Rancho Blvd., a retailproperty in Rio Rancho, a city within the major metropolitan regionof Albuquerque, and has plans to redevelop it. Wespoke with the firm's principal and CFO JohnBelanich about the properties it hopes to acquire and thereasons behind this objective.
GlobeSt.com: What types of properties are youlooking to acquire?
Belanich: We are really not restrictedto retail. Our experience is in retail, office andmore recently hotels. We're more opportunistic andlook for acquisitions with a value-add component. For retail, thatmeans either a lot of vacancy or underutilized tenants. We'll do anexpansion, demolition and remodel—the whole gamut. We've done a mixof that our whole careers—that's our focus. We also like theproperty to be below replacement cost even after capex so we cancompete with rent. That's the business plan in a nutshell.
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