The first fund--launched two years ago and now in escrow to acquire its last asset--was substantially limited to the Northwest and includes the 400,000-sf I-84 Distribution Center. The second fund will be specifically targeting more assets outside of the Northwest, in states such as Arizona, California and Nevada.

As part of the broader focus, NBS recently brought on David Tindall as VP of acquisitions. Tindall spent the past eight years with ING Clarion, making acquisitions in California and Arizona on behalf of the firm's large state pension fund clients.

Similar to the first fund, Tindall tells GlobeSt.com that Morrison Street Fund II will make investment across the risk spectrum. About 80% of the equity will be used to acquire real estate properties, while the other 20% of the equity will be placed as short-term loans. The fund's sweet spot is investments in the $10- million to $30-million range, says Tindall.