"We've been doing this every three to five years since 1990. Wehave a lot of repeat investors, and as we close other funds,investors like to reinvest in new ones," says Joanna Banks-Morganwith AIC's investor relations department. The asset requirementsfor NL Ventures Fund VI are similar to those for Fund V, notably,office, industrial or warehouse product in the US andsales-leaseback arrangements with long-term, absolute net leases.The funds target deals from $4 million to $45 million. AIC alsoprefers non-marketed acquisitions. "We typically leverage a thirdequity to two-third debt," says ACI partner David Robshaw.

Robshaw tells GlobeSt.com that the AIC funds typically have athree- to five-year life span, but NL Ventures V closed a littleahead of schedule with the purchase of the 239,000-sf,four-building manufacturing site of Detroit-based FormTechIndustries LLC. Its complex at 19001 Glendale St. was built in the1950s on 13.52 acres.

"There are, at times, upgrades done on most assets in the funds,but they're typically tenant-driven," Robshaw explains. "If theywant to expand or improve, we're there to assist." He adds thatAIC's strategy is to hold an asset for two to four years thenliquidate it either through individual or portfolio sale.