Based in Westchester County, NY, the firm owns and operates a portfolio of high yield retail properties located within the eastern United States. Established in 1990 by Yale Paprin, the vertically-integrated firm focuses on capturing and enhancing value in all facets of the investment process. The acquisition team carefully manages each phase of the acquisition process from concept to closing, including sourcing, financial structuring, and due diligence. Yale Realty has effectively employed a disciplined, contrarian investment approach seeking strong income returns, low risk of revenue stream disruption, and the expeditious return of capital through dispositions or recapitalizations.

Yale Realty is opportunistically acquiring income-producing retail properties that satisfy the following criteria:

• Shopping centers with a strong big box anchor or shadow anchor, such as Walmart, Super Target, or a dominant supermarket;

• At least 30,000 square feet of in-line shop space;

• Current occupancy exceeding 80%, with quality, seasoned tenants; 

• Infill location east of the Mississippi River;

• Strong demographic and space market trends;

• Opportunity to generate positive alpha through value-added management

Geography

Yale Realty's geographic focus - the continental United States, primarily from the Atlantic Seaboard extending westward to the Mississippi River - presents the optimal balance. This concentration facilitates indigenous knowledge and relationships, cost effective management, and thorough management oversight. At the same time, it allows for exposure to a broad inventory of properties and diversification across real estate, economic, and demographic drivers. 

Emphasis on Shops

The acquisition philosophy places strong emphasis on strips of smaller shops, which tend to reflect more reasonable pricing and more elasticity with respect to operational improvements and strategic initiatives. In certain circumstances, the firm prefers to own only the shadow-anchored strip rather than the big box, as the terms and conditions of the anchor's lease are often onerous and inhibit added investor value.