GlobeSt.com: Are there any particular property sectors that your fund is targeting?

Miller: We're not looking at hotels or the big-box retail sites. Our primary focus, based upon talking with clients and potential clients, is that there seems to still be a flight to quality in terms of asset characteristics and location. Two years ago, some of our clients wanted us to chase yields by going to smaller markets and less desirable properties with "B" tenancies. There's been a divergence in appetite to the class "A" properties, and everything else has been left behind.

The focus for us going forward is primarily going to be office in prime locations. Why is that? Those will still be attractive in all parts of the cycle. Historically, it's generally been true, that better-located, better-constructed properties are the first to rebound coming out of a depression cycle.