SOUTHERN CALIFORNIA FOCUS
- Inland Empire (West is best)
- Mid-Counties to Vernon
- Orange County
EXISTING PROPERTIES
- $1-15M value range
- Prefer value-add deals
- Prefer buildings which were completed after 1990
LAND
- 1-20 acres
- Zoned but not yet entitled
- No groundwater contamination
LANDOWNER JOINT VENTURES
- Land must be owned with low leverage
- Contribution value should be less than outright sale value
- Unleveraged return on cost should be around 7%