Buying Criteria

What We Are Buying

Asset typesFlex warehouses; industrial (heavy and light); mixed-use; small-bay; industrial outdoor storage (IOS).
Building size10,000–100,000 SF
OccupancyVacant and partially occupied properties; owner-user buildings delivered vacant; select sale-leaseback opportunities.
ZoningZoning that permits the intended use; mixed-use opportunities evaluated individually.
StructureOn- and off-market opportunities; seller financing considered.

Value-add flex warehouse, industrial, and mixed-use assets with a clear path to improvement.

Our Underwriting Approach

01

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.

02

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.