MMI acquires "B" office buildings and retail that meet the following criteria: (i) occupancy or rents are below current averages for the property's sub-market, (ii) cost basis is less than 50% of replacement cost, (iii) superior location within the sub-market, (iv) price is based solely on existing income and expenses, and (v) the property should be "in-fill" and significant barriers against additional entrants should exist. MMI also acquires land that can be rezoned and repositioned within Florida's comprehensive land use plan to create value of no less than a multiple of 3 times the acquisition price, and a 100% increase in 5 years or less. When MMI's 5 criteria are met, current stable returns of 7%-11% are achieved in the short to intermediate term. Long term returns have exceeded 20% annually.
MMI Identifies and acquires commercial real estate from a contrarian?s viewpoint and based solely on current income and expenses. If people are running away from the product type, and the fundamentals are still in place, then it will pay above average returns over entire holding period.
Very flat organization; efficient decision making process; I have degrees in Law, Finance and Economics and 22+ years of handling billions of dollars in commercial real estate financing, leasing and development transactions. I was senior partner in one of Florida's largest law firms (www.gray-robinson.com). MMI draws on a VERY wide array of resources to solve problems, that potential competitors either: (A) don't recognize to exist in the first place, or (b) recognizing the problem, do not have the presence to employ resources effectively to solve the problems.