Cadence purchases retail-based, commercial properties in Colorado, California, and the Mid-Atlantic region. Once acquired, we apply the company's specific expertise by either (a) repositioning a property from a poor performing, "ugly duckling" into a "swan" or (b) significantly increasing rents on a property that was previously fully leased. In both instances, the goal is to provide superior investment returns for investors.

Since November of 2002, we have acquired, repositioned, and redeveloped retail properties throughout California valued at over $400 million. We target fundamentally strong locations with an asset size of $5 to $40 million. Other characteristics include:

• Retail-based, location sensitive
• Existing income preferred
• Large population base, growth potential, primary intersections, highway visibility

We are focused on two types of value-driven investment opportunities:
Opportunistic and Core Plus shopping center acquisitions.

Opportunistic Acquisitions
"Opportunistic" acquisitions target existing, distressed assets that are typically characterized by lack of tenancy. These centers require intensive application of management attention, leasing effort, and capital to improve performance. We work intensively on the center to solve the key problems within a 12 to 18 month period.

Our investments in these centers result in higher occupancy, upgraded facilities, and at-market lease rates. This aggressive asset management philosophy allows us to sell and lease high-performing properties to sophisticated investors.

We work with an established network of leading brokers to find attractive opportunities, and look to lenders that provide short-term capital for one to three years.

Core Plus Acquisitions
"Core Plus" acquisitions are undermanaged centers that are fundamentally sound but in need of attention and care. These quality assets may suffer from unfocused management or undercapitalized ownership resulting in below-market lease rates. We enhance the project through steady adjustments over a five to seven year period.

We work with brokers to find attractive opportunities, and look to intermediate term lenders (five years or more) to provide capital. In acquisitions ranging from $15 to $50 million, we work with institutional equity partners.