Investment Management
Tenfold principals have developed, acquired, repositioned, financed and leased over 3 million square feet of commercial real estate assets over a 20 year period of time on behalf of and as stewards for private equity, family office and institutional investors. Working for both private and institutional owners over their careers, Tenfold’s principals have acquired a knowledge base touching all facets of the real estate business and together with their extensive industry relationships and local market knowledge are in position to identify unique investment opportunities. They bring this knowledge to Tenfold with a disciplined approach recognizing their fiduciary obligations to investors.
Construction and Development
Tenfold has deep expertise and experience in design, development and construction from ground up development, re-development and repositioning to managing tenant and major capital improvement projects. Our complete understanding of the development process from an owner’s perspective is fundamental to our value creation Strategy and the basis for creating exciting new spaces, evaluating opportunities, risk assessment, finance-ability and long-term value prospects. Our hands on approach includes managing and coordinating the design team and permitting processes; examining consultant reports including geotechnical and environmental; establishing the development budget and schedule; bidding plans and specifications; negotiating general contractor agreement; general contractor oversight during construction; ensuring appropriate insurance in place for both general contractor and owner; review and approval of monthly progress billings and preparation of monthly construction loan draw requisitions including setting up appropriate accounting system to track costs.
Investment Criteria
Tenfold is in pursuit of ground-up development projects, repositioning/repurposing of assets and acquiring income producing core plus or value-add properties all with the following characteristics:
Locations: Northeast United States
Project Size: $10 – $35 million
Tenancy/Lease-up: Above market lease-up timing projected based on a project’s location, accessibility, visibility and community need among other attributes coupled with a strong market position to attain high rent levels and or presents an opportunity to upgrade tenancy.
Financeability: The nature of the project and its potential create favorable financing opportunities using conservative levels of debt (55% – 65%).
Holding Periods: Generally long term, but dispositions over shorter periods of time considered if optimal value is attained under favorable market conditions or business plan calls for a shorter hold.
IRR Return Requirements:
- Ground-up Development mid to high teens
- Repositioning/Repurposing mid to high teens
- Core-Plus/Value Add lower to mid-teens
Deal Structure: Up to 90/10 under multi-tiered promote structure
Investment Vehicle: One-Off Joint Ventures