We don't just buy buildings. We run them better.
Returns in industrial flex are made in operations, not at the closing table. Sourcing gets you a building; operating turns it into a compounding asset.
Off-market and relationship-driven.
Our pipeline comes from regional brokers, long-standing operators, and direct outreach. Most acquisitions are signed at the principal level, not through a marketing process.
Downside-first, always.
Every deal is underwritten to a base, upside, and loss case — and we size leverage to the loss case. The criteria below are hard filters, not aspirations.
- · Going-in cash yield ≥ 7.0%
- · Replacement cost discount ≥ 25%
- · In-place rents ≥ 15% below market
- · Debt service coverage ≥ 1.45x at stabilization
Operating leverage, building by building.
We mark rents to market at renewal and recover operating expenses through proper lease structuring. Small wins, compounded across a portfolio, are the engine.
Hands-on, not hands-off.
Day-to-day operations run through Industrial Suites, our in-house operating brand. Leasing, capex, and capital decisions are made by the principals — never delegated.
Patient by default.
Our base case is a five-to-seven year hold with a refinance between years three and four to return partner capital. We exit when the market pays us to — not on a schedule.
Four steps. Repeated, with discipline.
Acquire
Off-market sourcing through long broker and operator relationships in target markets.
Stabilize
Roll vacant suites to market, retain anchor tenants, and bring expenses to budget.
Optimize
Mark rents to market at renewal, push expense recovery, and execute targeted capex.
Compound
Refinance to return capital, hold for long-term cash flow, and reinvest.
Partner with us.
We work with a select group of accredited investors, family offices, and institutions.
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