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Why This Tenant Can’t Afford to Leave
By Kristina C. Chang
• July 27, 2026
We are under contract on a deal that includes a built-in mechanism most investors overlook: the tenant is extremely sticky and has every incentive to stay. We are acquiring an industrial outdoor storage site anchored by the nation’s largest equipment rental company – a two-property, 7.74-acre portfolio in Sparks, NV. The lease is below market… -
What the ‘California is Over’ Crowd is Missing
By Kristina C. Chang
• July 20, 2026
Every week another headline announces that California is over. Companies leaving. Residents leaving. Capital leaving. We spent the last 18 months buying more industrial land here, not less. Here is the contrarian case, and why I think right now is the moment to double down. First, let me concede the point. The exodus is real…. -
Three Value Add Deals, Three Different Bets
By Kristina C. Chang
• June 22, 2026
Three deals on my desk right now. All three are labeled value add. All three are completely different bets. 1. Mark-to-market. We recently acquired a deal in infill Sacramento that will barely cash flow for the first three years. We love it. The in-place leases are materially below where the market is today because it… -
The Case for Boring: Why Sacramento Beats the Headline Markets
By Kristina C. Chang
• May 18, 2026
Most IOS deals that make headlines close in Texas or Florida. Sacramento never makes the list. Last week I was visiting new potential acquisitions in Sacramento and it reminded me all the reasons we love the market and markets like these. It is not a headline market. It does not have the deal volume, the… -
The Federal Law Quietly Driving IOS Demand
By Kristina C. Chang
• May 11, 2026
Trucks have to stop. Somewhere. Every single day. Federal law requires it and that mandate is one of the most overlooked demand drivers in industrial real estate. The FMCSA Hours of Service regulations require property-carrying drivers to stop after 11 hours of driving. They have a 14-hour window from the moment they start. After that,… -
The IOS Tax Story Nobody Talks About
By Kristina C. Chang
• May 4, 2026
We will write off $4.7M of a $5.985M purchase in year one on our latest IOS acquisition in Laredo, Texas. That is 78.2% of the purchase price and $1.60 of bonus depreciation for every dollar of equity our investors put in. In a single tax year. This is the IOS tax story that does not… -
The Entitlement Wall: Three Structural Barriers to New IOS in California
By Kristina C. Chang
• April 27, 2026
The ports of Los Angeles and Long Beach move roughly 40% of U.S. containerized imports. The IOS land surrounding them is almost impossible to replace. Most people assume supply constraints are temporary. In California, they are structural. Here is what actually blocks new IOS from getting built. 1. CEQA turns neighbors into veto players. The… -
The Campus Effect: Why Proximity Drives Durability
By Kristina C. Chang
• April 6, 2026
We have a new acquisition opportunity we’re excited to share: 9285 Dowdy Drive in San Diego’s Miramar submarket. It’s a 3.91-acre industrial outdoor storage site, fully leased to San Diego Gas & Electric (Sempra Energy) on a long-term NNN basis. The short version is straightforward: investment-grade tenant, long-term lease, contractual rent growth, and no lease-up… -
The Quiet Opportunity in Core Real Estate
By Kristina C. Chang
• March 30, 2026
No heavy lifting. No lease-up risk. No construction. Just a well-located asset in a primary market, a credit tenant, and in-place cash flow. For a long time, that profile came at a price that barely made sense. Core was crowded, yields were thin, and you were largely relying on appreciation to drive returns. That dynamic… -
Most People Think IOS Is a Land Play. They’re Missing the Real Story
By Kristina C. Chang
• March 23, 2026
Everyone talks about Industrial Outdoor Storage (IOS) like it’s a land play. Zoning. Scarcity. Replacement cost. But the real reason IOS works has nothing to do with the dirt. It’s the tenants. Five types of companies quietly rent IOS yards across the country. None of them are flashy. None of them make headlines. All of… -
601 Harbor: Barriers to Entry Where it Matters Most
By Kristina C. Chang
• February 2, 2026
Barriers to entry aren’t just buzz words, it’s real when it comes to industrial outdoor storage (IOS). IOS isn’t hard because of construction costs or competition. It’s hard because, in most major markets, you simply can’t build it anymore. Let’s use our upcoming deal in West Sacramento as an example. As a major logistics and… -
Why IOS Investors are Getting Bullish Going Into 2026
By Kristina C. Chang
• January 20, 2026
After the last few years of uncertainty, higher rates, and slower transaction volume, sentiment is finally starting to shift. We closed 3 deals in December and have 2 more scheduled to close in February and March. But the optimism going into 2026 is not broad based and it is not speculative. It is showing up… -
Deal Closed: Gilroy, CA
By Kristina C. Chang
• January 5, 2026
We are pleased to announce that Westlake closed on an industrial outdoor storage (IOS) acquisition on December 24th: 255 Mayock Road, a ±5-acre infill IOS facility located in Gilroy, California, strategically positioned along the US-101 corridor at the southern edge of Silicon Valley. After a prior deal with a national transportation services user fell out… -
Deal Closed: Oceanside, CA
By Kristina C. Chang
• December 23, 2025
We are excited to announce that Westlake has closed on an industrial acquisition in San Diego County: 2614 Temple Heights Drive, a 28,900 square foot light industrial facility located in Oceanside, among the most supply constrained industrial submarkets in the country. This transaction was sourced as a distressed acquisition out of bankruptcy, allowing us to… -
Deal Closed: Sacramento, CA
By Kristina C. Chang
• December 8, 2025
We are excited to announce that Westlake has closed on its first industrial outdoor storage (IOS) acquisition: 1441 Richards Blvd, a 40,184 square-foot infill IOS site located in the heart of Sacramento’s rapidly transforming Richards Boulevard corridor. This off-market opportunity came to us after a prior buyer fell out of contract, allowing us to step…
