Over time, Milan’s acquisitions have varied from REO apartments to distressed retail centers and office buildings to land purchases for development. As market conditions change for different product types and asset classes, Milan’s focus shifts to capitalize on the most profitable opportunities. Generally, Milan is a “value-add” buyer and has the following acquisition criteria:
Location:
- Southern California
- Other western states depending on deal size and opportunity
Property Type:
- Retail, Office, Industrial, Multi-Family
- Land entitlement and development
- Residential condo conversions
Project Size:
- Approximately $10m+ on existing structures
- Lower floor on land for development
Deal Specs:
Milan prefers value-add and repositioning projects, such as:
- Renovation of poorly performing retail, office, industrial properties with vacancy issues
- Reconfiguration of an incorrectly designed, multiple building site
- Conversion of single tenant building to multiple tenants
- Low rents with the capacity to increase rents within the next 2-3 years
- Land entitlement/development opportunities
- Other development or redevelopment opportunities that provide attractive stabilized returns
Milan has been quite successful at purchasing otherwise difficult to finance deals, then turning those projects around within a short period of time. Milan moves very quickly and a response from us means more than a response from most.