When investing in the small retail shopping center space, CHC-RE will seek to target well-located retail properties with an initial purchase price of $17.5 million or less in neighborhoods with dense and affluent demographics and high barriers to new development. Generally, these retail centers are mostly populated with restaurants, fast-casual dining options and service providers, and are therefore less susceptible to E-commerce competition. Moreover, these types of tenants and locations tend to be more resistant to economic cycles. Tenants include Subway, Chipotle, Starbucks, Pizza Hut, FedEx, UPS, and AT&T, amongst others. Retail shopping centers located near colleges or universities and hospitals are also very attractive. These locations specifically can benefit from more daytime and nighttime traffic as there is typically a higher concentration of people in need of service based tenants within close proximity. As of September 30, 2016, over 1.5 million square feet of small retail space has been acquired.