Vista RED is actively pursuing value-added real estate development and investment opportunities with experienced, well-capitalized partners. We will entertain joint venture development structures with land owners, developers, real estate operating companies, retailers and other value-added service providers; we will also consider master or ground lease opportunities, as well as the use of down-REIT structures.

Our primary structuring goal is to appropriately align our interests with those of our joint development partners. In doing so, we are willing to tailor our transaction structures to fit the unique needs of each situation, including the use of preferred equity, mezzanine capital and pari passu joint venture interests. We will typically target the use of 70-75% debt leverage in achieving our desired investment returns. Our general development criteria are described below:

Product Type/Size: Retail and mixed-use projects with a retail component in a size range of 75,000-400,000 square feet in high-traffic / underserved urban and suburban locations throughout the U.S. The product type category can include grocery-neighborhood, power-community, specialty-Main Street, mixed-use, lifestyle or redevelopment.

Transaction Size: Targeted investment sizes ranging from $5 million to $50 million per transaction, with total project values ranging from $10 million to $100 million. Our recent pipeline activity has included projects ranging in value from $20 million to $100 million.

Return Parameters: Investment / development opportunities offering unlevered project cash returns starting at 9% (as stabilized), with targeted internal rates of return on equity of 12% or greater.

Location: Seeking opportunities throughout the U.S. We will consider all major urban and suburban markets, as well as secondary markets with high barriers to entry. Our recent deal flow includes projects in Texas, Washington, Colorado, North Carolina, Wisconsin and New England.

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