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LA JOLLA, CA-If all goes as planned, Equastone will more than double last year's portfolio haul. The local real estate and investment firm has targeted an estimated $500 million in acquisitions this year after landing $200 million of "under performing office and flex buildings" last year, according to company officials.The firm, which also has offices in Phoenix and Denver, will continue to buy in California, Arizona, Colorado, Nevada and Texas. Officials estimate placing $300 of the proposed $500 million in those states. Equastone intends to also expand into new markets including Oregon, Washington, Utah, New Mexico, Illinois, North Carolina and Florida."Our investment strategy is to acquire under performing real estate priced below replacement cost and projected stabilized value and located in markets with strong potential for near term recovery," says Equastone CIO Jeff Schindler.He adds that despite industry reports pointing to the top of the market being reached, Equastone continues "to find good opportunities, particularly when the real estate needs significant physical improvements and has significant vacancy."In building the portfolio the firm intends to create a new position of acquisitions director, according to Schindler. The company will also open a regional office in Texas in 2006.In 2005, Equastone closed on 13 deals, totaling roughly two million sf. The largest transactions were the acquisitions of One International Centre and North Central Executive Tower, totaling 550,000 sf in San Antonio.Equastone's CEO, Chad Carpenter, says the launch of "Equastone Real Estate Funds in 2004 provided us with a significantly larger supply of readily available, discretionary investment capital. This enables Equastone to act decisively and quickly, which is critical in a competitive buying environment."