The fund, which is expected to have a period of between threeand five years, will focus on assets with a value of between $5million and $12 million. The fund will seek assets that are in"distressed" situations, are below replacement cost, have a needfor management or repositioning or have market growthopportunities, he says. "We are looking at deals in emergingareas," he says. Ascendance Partners seeks to generate an annualrate of return between 16% and 18%, net of fees and expenses.Huffman says the company will seek the higher returns, in part,through aggressive leasing and building improvements.

Ascendance will be closing on the first property for the fundwithin the next couple of weeks, Huffman says. The firstacquisition will be an approximate 21,000-sf office buildinglocated at 715 E. 47th St. that is being purchased from a localdeveloper that is fully leased by the Illinois Department ofEmployment Security. Ascendance is currently in negotiations withthe tenant for a lease renewal. Huffman would not disclose thesales price, since they have not closed on the acquisition, butsaid the cap rate is approximately 11%.