The company's first joint venture with Greenfield Partners started in 2004 and ended in 2007. The partnership resulted in the purchase of six properties for about $68 million, all of which have since been sold. The real estate investment company has just completed its second joint venture with ORIX Real Estate Capital, through which five properties were purchased for $78 million. Boulder and ORIX still own the facilities and continue to operate them, but are not investing in any further properties jointly. "ORIX is looking to pursue debt in mezzanine in 2009, so we're looking for a new partner to continue investing in what we've done for the past five years - single tenant net lease office/industrial properties with short-term leases," Blankstein says.

Boulder's strategy is to purchase properties selling for a discounted price, due to the short-term leases or other impairments. Blankstein says the company works to add value with effective management until the short-term lease is up or they remedy other issues, and can resell the properties at a higher price. "That property type has worked in the past, because the short-term leases are the highest yielding," Blankenstein says. "The reason we focus on the short-term properties is because these are the hardest to finance right now."