Wafra targets well-located and well-leased garden style or high rise complexes with 200+ units, located in strong demographic markets. These apartment complexes can include senior housing as well as condominium conversion opportunities. We consider stabilized Class A and B properties as well as value-added, pre-sale, and development opportunities.
Wafra targets Class A and B upgraded and functional office properties, located in strong central business districts, or recovering prime suburban locations that are over 70% occupied and predominantly leased to credit tenants. We prefer office assets with minimal capital expenditure requirements.
Wafra targets bulk warehouse and distribution properties in major distribution markets as well as R&D properties containing single or multiple buildings.
Wafra targets power centers and lifestyle centers that are anchored by credit worthy national and regional tenants with above-average sales. We prefer larger properties with 200,000 to 1 million square feet. Retail centers should have strong ingress/egress, as well as have good visibility and adequate parking. We will also consider value-add situations within inherently strong market positions and on a case by case basis specialty retail properties in select markets.
Wafra targets primarily urban or in certain cases suburban hotels in the top 20 US markets that are within 60 minutes of a major airport.
Wafra targets completed build-to-suit, sale-leasebacks, and other single tenant, net leased properties. We will consider investment grade industrial and office properties that are well located, highly functional, and have few specialized improvements. We will consider single projects or portfolios of properties. Properties within major US metro markets are preferred, but secondary cities are considered on a deal-by-deal basis. Net lease properties should be located in quality business parks or commercial areas. Periodic rent increases are preferred, especially in longer leases. We prefer absolute net bond leases with no landlord exposure, although leases with minimal landlord responsibility will be considered as well. Tenant’s S&P ratings should be BB or Moody’s Ba or better; perceived equivalent but unrated credits may also be considered.