Type: Anchored neighborhood/community 
centers; power centers; regional centers. Can 
be individual assets or portfolios of assets
Location: Southern California and Washington,
DC Metro. Well-located, in-fill, on or adjacent to
major transportation arteries or public
transportation, “main and main” intersections
Investment Strategy: Value-Add/Opportunistic.
Complex. Ability to transform asset to “B” or
better through implementation of value-add strategy.
Examples include:
  • Dark  or bankrupt tenants
  • Low occupancy
  • Significant capital expenditure required
  • Anchors with <10 years of term
  • Will consider note acquisition with path to
    ownership
Returns: Low- to mid-teen IRR’s over 10 year 
period
Size: Minimum of 25,000 SF; target range is
75,000-150,000 SF; No maximum
Price and Terms: Up to $100+ million
  • Ability to close all cash or assume debt
  • Closings as quickly as 21 days
Submittal Process: Price, leasing plan, rent roll,
debt information, photos, tenant sales history,
historic operating and expense statements
Type: Unentitled and entitled land; existing
properties where density can be added.
Location: Los Angeles Metro and Washington,
DC Metro. Urban in-fill locations in the best
sub-markets. Transportation oriented.
Investment Strategy: Land development / major
redevelopment. Complexity is O.K. Examples
include:
  • Joint venture opportunities
  • Retail and mixed-use
  • Existing, functionally obsolete properties
    with higher and better use
  • Ability to structure around tax issues
Returns: 7%-9% ROIs, and upper teens to low
20’s IRR’s
Size: Minimum of 3 acres in suburban
neighborhoods; 1 acre in urban
Price and Terms: Up to $50 million
  • Ability to close quickly, particularly on
    assets with existing income
  • For superior locations, will get extremely
    aggressive on pricing
Submittal Process: Price, description and 
zoning; If possible/available: Survey, leasing plan,
rent roll, debt information, photos, tenant sales 
history, historic opertating and expense 
statements
Note: CPI will pay brokers a fee for off-market opportunites
 
Combined Properties Follow Combined Properties:



Combined Properties actively seeks to acquire well-located shopping centers, properties for mixed-use and retail redevelopment and land on which to develop both quality retail and/or mixed-use projects.

Armed with a highly talented in-house team of management, leasing, acquisition/development, capital
markets,construction, and legal professionals, CPI is able to pursue the simplest or even the most
complicated real estate projects. Moreover, CPI has extensive capitalresources, decades of
experience, and a solid reputation in the markets it operates.

At over $1 billion in total assets, CPI rivals some of the most prominent public REITs and remains one
of the largest private owners of shopping centers in the Wahington, DC Metro market. However,  CPI’s
private ownership and entrepreneurial philosophy allows it to pursue acquisitions quickly and nimbly,
without bureaucratic obstacles.

In 2011, CPI was listed as #59 on the “Top 100 Owners” List of Retail Traffic magazine.

Acquisitions Criteria by Segment

East Coast Contact:

Randy Kenna
Senior Director, Developent & Acqusitions
1025 Thomas Jefferson Street NW
Suite 700 East
Washington, DC 20007
Phone: 202.293.4500
E-mail: acquisitionsdc@combined.biz

West Coast Contact:

Marianne Lowenthal
Executive Vice President, National Development
9320 Wilshire Boulevard
Suite 310
Beverly Hills, CA 90212
Phone: 310.205.9616
E-mail: acquisitionsca@combined.biz