Buying Criteria
What We Are Buying
Value-add flex warehouse, industrial, and mixed-use assets with a clear path to improvement.
Our Underwriting Approach
Underwrite the real estate first.
We identify the property’s existing strengths and evaluate the investment case behind each one. Location, usable land, permitted uses, building functionality, and tenant demand are examined individually, then together. We look for advantages that support demand today and may become harder to find or replicate over time. The strongest opportunities offer several reinforcing reasons to own the real estate, before relying on future lease-up or rent growth.
Strengths that stack
Location & Access
Proximity to customers, labor, suppliers, and transportation, with access suited to the intended users.
Usable Land
The land-to-building relationship, circulation, parking, and permitted yard or outdoor storage utility.
Building Functionality
Bay sizes, loading, clear height, power, and an adaptable layout that serves prospective users.
Permitted Uses
Verified uses and operating flexibility that allow the property to serve a range of businesses.
Depth of Demand
The businesses the property can serve and local trends shaping their space requirements.
Competing Supply
Comparable alternatives, development constraints, and the ability to reproduce the property’s utility.
We test these strengths against the acquisition price, required capital, and physical and environmental risks.
Add strengths through a disciplined plan.
We build on the property’s existing advantages through targeted improvements, proactive leasing, and effective operations. Each initiative must have a clear purpose, a realistic cost, and an identifiable benefit to the property’s utility, competitiveness, or long-term value.
How We Find Assets
Original-condition photos. Click any image to enlarge.
